By Etuka Sunday
In furtherance of President Obama’s Power Africa Initiative introduced last year, the federal government yesterday signed a Memorandum of Understanding (MoU) with the US government to have a share in the proposed 10, 000 megawatts of electricity.
The two countries have agreed to work together to increase access to and availability of electricity in Nigeria.
The MoU was signed by the Minister of Power, Prof. Chinedu Nebo on behalf of the federal government and US Ambassador James Entwistle on behalf of the United States to coordinate the implementation and support of institutional reforms, privatisation, and regulation of the power sector.
Power Africa is working to mobilise affordable and long-term financing for capital and operational expenditure requirements to the generation and distribution companies to accelerate electricity market development.
Speaking after the signing of the MoU, the Minister of Power, Prof. Chinedu Nebo said some US companies are in Nigeria for mentorship and the partnership has been very smooth.
Nebo said power is necessary for both rural areas and industries in the Nigeria, adding that with the Power Africa, 20 million Africans including Nigerians would enjoy stable power supply.
He said there are vast opportunities to be explored in the power sector therefore, appealed to potential investors to take the opportunity of investing in the sector.
Ambassador Entwistle stated that Nigeria is well-positioned to reap the rewards of this increased focus on the energy sector.
He said, “it is our expectation that our joint effort will improve the lives of countless Nigerians and service as a role model for other African countries whose implementation of energy sector reform is nascent.”