The 1st Annual Powering Africa: Nigeria meeting is fast approaching and despite no sign of the new APC cabinet, the Nigerian power sector is still gaining momentum. In fact, President Buhari ensured that the government signed the World Bank Partial Risk Guarantees which will enable the 450MW Azura project to move forward swiftly!
The international investment community is surely taking notice. This week, EnergyNet is pleased to announce that the International Finance Corporation and World Bank Group are confirmed as participants at the meeting on 14 and 15 September at the Hilton Transcorp in Abuja.
Of course, the name of the game is investment – it is very clear however, that investors are sitting back, waiting for a success story before getting involved in the market and with this show of good faith and commitment by the President, the sector seems poised for take-off.
To guide these discussions and give investment advisement, the newly appointed Executive Secretary of the Nigeria Investment Promotion Commission, Ms U. Aisha Hassan-Baba will join the delegation, as well as the Nigeria Sovereign Investment Authority represented by Obinna Ihedioha.
Development financiers are also making a strong show at the meeting with the FMO, GIZ and KfW confirmed, and of course the African Finance Corporation, who will lead discussion on releasing private sector capital.
Beyond the obvious case for increasing gas to power generation in the country, there has been an overwhelming interest in making a case for renewable integration, particularly from the solar developers – Pan Africa Solar and Access Power will fly the flag for cleantech to discuss the rich landscape for development of sustainable resources in Nigeria. FMO and GIZ (aka the Nigerian Energy Support Programme backed by the European Union) have stressed their support for promoting this side of the energy mix.