We Are Fast-Tracking Power Masterplan - President Jonathan
Category: Nigerian Economy
March 26, 2012
President Goodluck Ebele Jonathan has said the Administration was fast-tracking the Power Master-Plan, in order to meet the targets of power availability.
The President was speaking to a delegation of the Korean Electricity Power Company, KEPCO, in Seoul, Monday.
‘We have noticed that things are not moving as fast as we would like, so we are fast-tracking the process’, he said.
He acknowledged that changing from exclusive monopoly to a liberalized power production and supply was not easy, but the challenges were being sorted out, adding that a new tariff had been approved, to encourage investors.
President Jonathan assured KEPCO that the necessary mechanism was already in place to enable them invest in the Nigerian power sector.
Earlier, KEPCO president/chief Executive officer, Mr. Joong-Kyum Kim, had said his company desired to strengthen their investment in the Nigerian power sector, adding that they had a robust partnership with Nigeria’s Sahara Oil. He said KEPCO had the experience and capacity to participate actively in the development of any facet of Nigeria’s power mix.
During another audience, President Jonathan welcomed the proposal by Shinsung Solar Energy to establish a plant to manufacture solar panels in Nigeria, especially because solar power has the capacity to supply power to the most remote parts of the country, at little or no maintenance cost.
He said Government was ready to provide incentives to companies like Shinsung, adding that all facets of the national economy will benefit from solar power.
The chairman of Shinsung Solar Energy and leader of the delegation, Mr. Lee Wan Keun, said his company was already working to provide power to the telecommunications industry in Nigeria, and this could be extended to all facets of Nigerian life, freeing conventional power supply for industrial use.
Special Adviser to the President (Media and Publicity)