October 11, 2014 – President Goodluck Jonathan on Friday laid the foundation for the 450 megawatts power plant in Azura, Edo State.
The plant, according to the President has attracted almost $1 billion in foreign direct investment made up of $700 million in construction of the power plant and $300 million in associated gas supply structure.
“Indeed, this 450 megawatts of new generation capacity, has attracted almost a billion dollars, mainly in foreign direct investment, into the power sector; comprised of $700 million in construction of the power plant, and $300 million in associated gas supply infrastructure”, he said.
He said he is encouraged by the progress made so far in the power sector since he launched the roadmap in August 26, 2010.
He said the road map has thrown up a lot of challenges which includes the need to strengthen the industry regulator, the Nigerian Electricity Regulatory Commission (NERC); create a bulk trader as a credit-worthy buyer and reseller of electricity needed for investments in generation; conclude the privatization of the unbundled Power Holding Company of Nigeria (PHCN) successor generation and distribution companies, and resolve the associated labour issues; put in place a management contractor for the Transmission Company of Nigeria (TCN) and create the right environment for fuel-to-power investments.
“We also recognized that the fastest way to improve power supply, in the near term, was by completing the National Integrated Power Plant (NIPP) projects, which had been suspended for a number of years”, he said.
The president said government is reconstituting and empowering an independent Nigerian Electricity Regulatory Commission in addition to establishing the Nigerian Bulk Electricity Trading Plc (NBET) as “The Bulk Trader” which is being capitalized to the tune of more than $800 million.
He said government is concluding the privatization of the PHCN successor companies through a globally adjudged transparent process, and settling all the labour liabilities and adjusting the framework for gas-to-power towards greater production and reduction in gas flaring.
As part of effort to fast track development in the sector, the president said he commissioned the private sector-developed Uquo gas processing plant in Akwa Ibom and that government has completed majority of the NIPP projects.
“ Near here, in close proximity to the Azura power project, is the 508MW Ihobvor NIPP power generation plant, which has been generating power since last year”, he said.
He called on project sponsors and their contractors to ensure that the estimated completion date of early 2017, is met. He said he will continue to encourage private investor in power as part of effort to make things better.
