A consortium of companies in Nigeria and a Group of top-rate Chinese investors have signed a Memorandum of Understanding (MOU) on power plant projects, including the assembling and manufacturing of pre-paid power meters.
The agreement which was facilitated by the Nigeria – China Business Council was signed at the headquarters of the Federal Ministry of Industry, Trade and Investment in Abuja newly.
In his address to the investors at the occasion, the Permanent Secretary in the Federal Ministry of Industry, Trade and Investment, Abdulkadir Musa pointed out that Nigeria and China has been consistent in their bilateral and investment relationship which he said has been mutually beneficial.
He revealed that the companies involved in the agreement included: Skydeep International limited, Mattek Oil Services Limited, Temps Engineering and Gestric Limited and the Craag Nigeria limited on the Nigerian side. The Chinese companies comprised: JMET Corporation, Jiangsu Sainty International Group (for China Nuclear Industry 22nd Construction Company Limited), Shaanxi Jsbound Technology & Trade Company Limited and Xian Marine Equipment Engineering Research Academy.
“The MoU specifically covers the financing, procurement and operation of independent power plant projects, local assembly and manufacturing of pre-paid power meters, assembling and manufacturing of recharge cards and setting up of skill acquisition centres for capacity building as well as oil and gas pipes,” he stated.
The Permanent Secretary disclosed that President Goodluck Jonathan hsd made industry and investment policies the driving forces to propel Nigeria to greater heights through the effective implementation of the Nigerian Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP). He further stressed that the country needs more investments in the area of power generation and transmission, in order to achieve its development objectives.
According to him, in-spite of the unbundling of the power sector in Nigeria, the country still needs more investment in the sector to generate enough power to sustain its growing population, industries as well as create employment opportunities for the youths. He urged the Nigeria – China Business Council to continue to attract more investments into the other sectors of the Nigerian economy, noting that the Federal Government would continue to provide the enabling environments for trade and investment to thrive.
In his contribution at the event, the Permanent Secretary in the Ministry of Power, Godknows Igali said that the entry of the Chinese investors into the sector was apt and timely as the Nigerian government is embarking on the biggest privatisation in the world.
“We have privatised PHCN assets to provide for power generation and distribution. And recently, the government privatised ten integrated power plants. It was ambitious and successful and at every instance, there was over-subscription. Having achieved that, it is now time to stabilise the power sector and add value to make it more reliable,” Igali said.
He added that the local manufacturing of meters was a priority area for government and urged the investors to take advantage of the huge market in Nigeria. “Our priority is to provide meters for Nigerians and we will support you to succeed,” he noted.
Remarking earlier, the leader of the Chinese delegation, Liu Wembin said that the MoU is significant for the Chinese investors as they are anxious to commence on the projects with the best technology available on the least possible time.
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