Nigeria Signs MoU On Power With Brazilian Firm Electrobas

Power lines

VENTURES AFRICA – The Nigerian government has signed a Memorandum of Understanding (MoU) with major Brazilian electric utilities company, Electrobas on the development of projects in the country’s power sector.

 

According to a BusinessDay report, the Nigerian President Goodluck Jonathan signed the MoU during a breakfast meeting of the Nigeria-Brazil Rio 20 Business Forum. Speaking at the meeting, President Jonathan also identified other sectors including power, petroleum, port and agriculture, open to investment in the country.

 

“All these sectors have been opened for private sector participation and we hope Brazilian investors will afford themselves the opportunity,” he said.

 

The Nigerian president also disclosed that in a meeting with the Brazilian president Dilma Rousseff, they arranged for her to visit with robust private sector team. “This is a preparatory gathering towards that visit and meeting” Jonathan said.

 

 

The Brazilian Minister of Energy, Edison Lobao, described the signing of the MoU as a beginning of good things to come to the country.

 

 

Commenting on the development, Nigeria’s Minister of Power, Professor Barth Nnaji, said the Electricity Reform Act of 2005 has liberated the monopoly of Nigeria Power Company, leading to the creation of 18 other companies in accordance to the government’s power sector privatization strategy.

 

 

Earlier this year, the minister said he expects his ministry to have finalised the sale and handover of 11 government-owned power distribution firms and six generation companies to private buyers who can boost supply with their investments.