Nigeria’s federal government plans to increase electricity supply in nine key economic cities to encourage foreign direct investment in the country, said Minister of Power Barth Nnaji.
The cities set to benefit are Lagos, Onitsha, Port Harcourt, Ibadan, Kano, Kaduna, Enugu and Aba. The planned increase in power is expected to cost the government $1m/1 MW of electricity.
Nnaji said that Nigeria has made tremendous progress in expanding its generation capacity but still lags behind some countries in West Africa such as Ghana. He said the sector needs about $50bn in investment and the government is looking to international investors such as the US Export-Import Bank and the International Finance Corporation to raise funding for its power expansion.
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