FG is committed to partnering with private sector, to drive the economy.- Prof Yemi Osinbajo

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Tuesday, July 11, 2017 4.00pm/Proshare WebTV

Acting President Prof. Yemi Osinbajo (SAN) has restated the commitment of the Federal Government in partnering the private sector, to drive the Nigerian economy.

He disclosed this at the 4th Presidential Quarterly Business Roundtable at the Presidential Villa, Aso Rock Abuja.

Prof. Osinbajo said “It is our desire to ensure that the public and private sectors work together. And it is the private sector that will lead”.

The fourth roundtable which focused on the power sector, attracted key business leaders in the country. Speaking further the Acting President shared that there has been progress , despite sector constraints.

Giving a presentation on the Power Sector Recovery Plan, the Minister for Power, Works & Housing Mr. Babatunde Raji Fashola (SAN) listed ongoing power projects in the country, to include 450mw Azura power plant , 10mw Katsina wind power project, 240mw Afam power plant , 40mw Kashimbilla Hydro power plant , 215mw Kaduna power plant (Kaduna), 40mw Gurara power plant,  29mw Dadin Kowa power plant and 700mw Zungeru power plant.

The Minister for Power informed stakeholders that a “Power Assurance Programme” has been developed which is premised on a financial support for the sector, over a 2 year transition period, while the sector attains full viability.

It will be recalled that the Federal Government last month released N12bl out of the  N701bl  power intervention fund  to 10 Generating companies, to boost the electricity sector.

This comes weeks after the Federal Government engaged stakeholders on the Renewable Energy plan in the country, with the 30:30:30 agenda.

Mr Fashola also explained that Nigeria was selling electricity to neighbouring countries Benin and Niger, in exchange for a guarantee that they won’t dam the rivers that sustain Kainji Dam.

Petroleum and Natural Resources Minister Dr. Emmanuel Ibe Kachikwu in his presentation, said power is main demand sector for natural gas in Nigeria; which requires stronger interface/coordination between the power and gas sectors.

He assured stakeholders that his Ministry is working to bring down the high cost (per-barrel) of Nigeria’s oil production.

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