This is just as the Federal Government was upbeat that international investors’ confidence in the nation’s economy was on the upswing, following a report by the special investment conference on Nigeria, which has just ended in London.
The report was one of the subjects of the Federal Executive Council (FEC) meeting presided over by Vice-President Namadi Sambo in State House, Abuja, where the number of interested companies in the power sector was also disclosed.
Briefing State House correspondents after the FEC meeting, Minister of Information, Mr Labaran Maku, who was accompanied by his power counterpart, Professor Barth Nnaji, said the rating of Nigeria showed that confidence in the Nigerian economy had improved remarkably.
He further said that the world now sees Nigeria as a favourable investment destination, having been convinced that the reforms initiated by the present administration were in the right direction, adding that the report was based on the presentations made by several agencies from Nigeria on existing investment opportunities in the country.
On the power sector, Maku confirmed that 79 bidders had signified their interest to participate in the privatisation exercise.
According to him, 54 of the bids were for power distribution, while the other 25 were for generation and management of existing power plants in the country.
While observing that the number of bidders surpassed expectations, he added that it was an indication of the deepening investors’ interest in the Nigerian economy and the way it was being managed.
Also speaking, Professor Nnaji noted that the government was intent on attracting credit-worthy investors to take over the power sector, adding that he was happy with the interest and confidence shown so far in the privatisation exercise by the international investors.
“We expect a lot more for the country, based on what is happening in the power sector,” he said, adding that “the Federal Government will completely hands off investment in the distribution companies, to ensure more efficiency, though it will continue to invest in large hydro plants and coal.”
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