Thursday, 26 February 2015

Over N300bn injected into power sector in 18 months —BPE

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THE Bureau of Public Enterprises (BPE) has disclosed that the new investors in the Nigerian power sector injected more than N300 billion into the sector within a period of 18 months.
The Director-General of BPE, Mr Benjamin Ezra Dikki, made this known when he featured on the Nigerian Television Authority (NTA) live programme, ‘Good Morning Nigeria,’ in Abuja.
He pointed out that the investment was for upgrade of power infrastructure, which had become obsolete over the decades, noting that new technologies were evolving.
He said: “Nigerians should be patient with the evolving electric market in the country, as the gains in the sector would not manifest overnight.”
Dikki explained that unlike reforms in other sectors which brought immediate results, the power sector reform requires time, as investment in the sector is capital intensive.
“Power equipment like turbines and other ancillary products cannot be bought off the shelf. The investors have to place orders, after which they will take between three to four months to manufacture before shipment. This takes time before Nigerians will begin to see dramatic changes in the power sector. It will take between two to three years. But already, significant impact has been made,” he said.

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