FG seeks pool of funds for power firms

In the hope of getting affordable loans for investors in the power sector in order to boost the supply of electricity, the government has commenced talks with the two financial institutions to provide funds at single-digit interest rates.
Permanent Secretary, Federal Ministry of Power, Dr. Godknows Igali, who stated this in Abhuja on Monday, said this will assist in the financing of electricity projects across the country,
The permanent secretary, who currently supervises activities in the power sector, disclosed this at an interactive workshop on ‘Interpreting and understanding the market rules’ for the electricity market participants.
A statement issued by the System/Market Operation Department of the Transmission Company of Nigeria quoted Igali as assuring the market participants that “the ministry is discussing with relevant federal agencies such as the CBN and PenCom for the purpose of providing a pool of funds that can be accessed at single-digit to ramp up operations and service delivery.”

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He also said that bi-lateral discussions were ongoing with several international agencies on how to build flared-gas power plants, micro-grids and other renewable energy plants in order to provide more power for Nigerians.
Igali charged the electricity market participants to imbibe best business practices, stressing that the sector was still going through a learning curve.
The permanent secretary expressed confidence that the current electricity challenges in the country would be surmounted with time, adding that the aim of privatising the sector would be achieved to position Nigeria on the path to sustainable industrial development.

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