Nigerian billionaire to invest $ 300 mm in Ugandan power plant

Feb 06, 2008 01:00 AM

A Nigerian billionaire is ready to invest in the construction of a $ 300 mm power generation plant to produce 250 MW in Uganda. Aliko Dangote, the president of the Nigeria-based Dangote Group, has just concluded an investment opportunity search tour to Uganda.
“Power generation is one of the investment opportunities among others that I am ready to inject money into if given permission by the government,” he said.

Dangote, who also visited recently, has held meetings with Patrick Bitature, the chairman and Maggie Kigozi, the executive director of the Uganda Investment Authority (UIA).
“Dangote's investment ambition if successfully implemented will go along way in supplementing the on-going $ 500 mm Bugajali power project in curbing the power problem the country is experiencing. This will mean more industries coming up, job creation thus economic development of Uganda,” Bitature said.

The investor said some of the factors that are attracting him to invest in Uganda, were the political stability and the fast-growing economy.
The development is a welcome boost to the government's efforts to woo more private investors into the power sector. However, Dangote said they are also interested in food processing, a crucial industry for the country's export sector. Uganda earns a paltry $ 1.7 bn from exporting raw commodities such as coffee, fruits and cotton among others. Yet if value were to be added on the products before export, the earnings would be ten times higher.

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