Future Energy Nigeria set to unveil new power sector recovery program in Lagos
The rebranded Future Energy Nigeria will return to Lagos in November and will focus on the bold turnaround plan of the Nigerian government, known as the Power Sector Recovery Program, which is aimed at restoring investor confidence in the sector following reported problems in the country’s electricity market.
U$D7.6-billion has been earmarked for this recovery process that the government developed in partnership with the World Bank.
“The Nigerian government is serious about restoring investor confidence and providing an enabling environment to grow private investments in the electricity sector,” says Claire O’Connell, event director of Future Energy Nigeria. She adds: “there are huge opportunities in the Nigerian electricity supply industry for local and international investors. There are also very advantageous incentives in place for investors such as cost reflective tariffs for electricity, 0% duty on power generation equipment and 20% capital allowance for five years.”
According to Future Energy Nigeria’s Claire O’Connell the extensive opportunities in Nigeria for technology and service providers to the industry include, expansion of existing facilities in generation, transmission and distribution, manufacturing of wires, cables, transformers and other auxiliary equipment, building new integrated power plants (IPPs), expansion of existing transmission lines, production and distribution of metering devices and provision of operations and maintenance services.
