FG To Invest $8bn On Gas Dev

The Federal Government
says it would invest a whopping sum of $8 billion in the development of local gas to boost electricity supply across the country.
Vice President, Nnamadi Sambo disclosed this when he received the management of Genesis Electricity (GE) Consortium led by Prince Arthur Eze in Abuja.
According to the Vice President, the amount would be invested by government on the basis of Public Private Partnership to fastrack the energy sector so as to ensure availability of gas to power plants nationwide.
He reiterated the commitment of the Federal Government in putting institutional reforms that would guarantee private sector participation in the development of gas infrastructure.
The Vice President further said that government plans to inject additional $3.7bn to upgrade and expand the transmission grid to wheel up to 20,000 megawatts of electricity.
While appraising the efforts to government, Sambo narrated unrelented determination on the Zungeru and Mambila hydropower projects which were expected to generate 700 MW and 3,050 MW respectively.
He said the pilot scheme of the wind solar and coal power projects would provide about 10MW while a Chinese company had proposed to generate 1000MW in Enugu in an effect to ensure mixed generation capacity.
He assured the Genesis Electricity of opportunities in the Nigeria’s power sector and expressed appreciation to the confidence reposed in the nation’s economy by the Consortium especially in the energy sector.
Sambo noted their investment in Power Plants that would support the sector in Calabar by injecting $300 million into the financial sector and the plans to support training of Nigerians to strengthen the sector.
Earlier, Eze said that the Consortium intended to invest the sum of $100 million in reviving the Port Harcourt refinery project and pledged to extend frontiters of their investments to Kaduna and other refinaries.