Power Sector Bidders To Pay 25% Deposit

Vice President Namadi Sambo last Thursday said that successful bidders for investment in the power sector are to pay 25 per cent of the bids as initial deposit within 25 days.

Sambo disclosed this at the opening of the 13th meeting of the Honorary International Investors Council in London.

Reports say that some firms have won the bids to operate 10 electricity distribution companies across the country in a privatisation process which may signal the end of efforts by the Federal Government to privatise the successor distribution companies (DISCOs) created from the unbundling of the Power Holding Company of Nigeria (PHCN).

Sambo said the federal government had made giant strides in its effort to make the nation an investment destination, through the upgrade of basic infrastructure like power, and upgrading of port facilities among others.

He said three out of the 10 ongoing power plant projects had started contributing to the national grid, with each of them being over 90 per  cent completed.

While noting government’s commitment to its development agenda, Sambo , said that a new visa policy had been approved in the drive to ease movement and create an enabling environment for investors coming into the country.

The new visa system has, among others, simplified visa process for investors.

He further said the nation had achieved a lot in addressing its internal security challenges, and oil theft in the petroleum industry.

Earlier, Dr Olusegun Aganga, the Minster of Trade and Investment, said a delivery system had been introduced to assess the effectiveness of the council’s investment drive effort since its inception.

The Honorary International Investors Council coordinated by British born Baroness Lynda Chalker, is an organisation of prominent investors from around the world who advise governments on economic development.

The council’ is also working in partnership with Nigeria in the fight to reduce corruption in government business,while attracting

foreign direct investment, and promoting a private sector driven economy