The Federal Government on Monday approved the establishment of Power
Sector Intervention Fund with initial deposit of N300 billion to
facilitate speedy development of the nation’s power sector.President Goodluck Jonathan made this known at an International Conference on Power Sector and Infrastructure Financing at the Presidential Banquet hall, Abuja.
Represented by Vice-president Namadi Sambo, he said that the setting up of the fund would enable industry players have access to cheap long term funds.
Jonathan noted that under the National Integrated Infrastructure Master Plan about 2.9 trillion dollars was needed for infrastructure development efforts between 2014 and 2045.
He said the energy sector alone needed about 900 billion dollars in the next 30 years, saying that a significant percentage of the amount was expected to come from the private sector.
The president said that the power sector alone needed 10 billion dollars for Generation and Distribution companies to meet the target of additional 5,000 megawatts in the next few years.
According to him, the nation’s transmission grid requires an annual investment of about 1.5 billion dollars for the next five years to ensure its reliability and stability.
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