| President Umaru Yar�Adua on Friday in Paris announced that the long awaited state of emergency in Nigeria�s power sector would commence in July.
A statement by the Special Adviser to the President on Communication, Mr. Olusegun Adeniyi, said the President disclosed this in response to concerns expressed by prospective French investors over the current power supply problems in Nigeria. He said the emergency would be in place for three years. Reports last week had indicated that the emergency would be declared on June 19. However, Yar�Adua explained that as part of the emergency, the federal and state governments would set aside $5 billion for the rehabilitation and expansion of Nigeria�s power generation, transmission and distribution infrastructure. The President told the gathering of French businessmen that after the three-year emergency period, Nigeria�s generation and distribution infrastructure would be privatised while its transmission infrastructure will remain under the control of a state-owned company. He said Nigeria would seek additional financing from international financial institutions for the rehabilitation and expansion of its power infrastructure. According to him, his administration intends to establish a proper foundation for the increase in Nigeria�s power generation capacity to about 50,000 megawatts by the year 2020. On the Niger Delta, the President said a summit of all stakeholders in the region would take place next month in furtherance of his administration�s efforts to address the causes of militancy and violent agitation in the area. Before leaving Paris for Abuja, Yar�Adua met with African ambassadors to France. |
Jun142008