Nigeria to get investments from Turkey in its Power sector

Nigeria to get investments from Turkey in its Power sector

Turkish power sector is all set to boost followed by Nigeria’s announcement of a ‘Three phase liberalisation process of the energy sector’.

Koztek Electric and Energy Technologies have signed a MoU, to construct new power plants and power transmission facilities in Nigeria (“wholly financed by Turkish business interests”).

Koztek Electric would bring their “expertise in hydro-power, switchgears and transmission super structures and more” to Nigerian power sector and will train locals as well.

Nigerian government would offer duty waivers, rebates and tax holidays on power plant equipment and installation. Such incentives would encourage more investments in the power sector.

As per (USAID) data, privatization of 5 power generation and 10 power distribution companies connected with the country’s main power holding company have been privatised since 2013 in phase I. 10 new power generation plants built by The Niger Delta Power Holding Company have also been privatized earlier.

The World Bank remains committed under US-backed Power Africa programme to fund $5 billion – (the package would include direct financing, investment guarantees and advisory services for project preparation) to encourage increased international investments in energy infrastructure projects in Nigeria and five other African partnering nations Ethiopia, Ghana, Tanzania, Kenya and Liberia.

Goodluck Jonathan, Nigerian president welcomed the start of construction works for the country’s “first fully-financed private sector power plant” last october.

Phase – I of the Azura-Edo Independent Power Project woul be a 450 MW open Cycle turbine power plant by Azura Power near Benin City, in the state of EDO. The plant is expected to start power generation by 2017.