Nigerian energy sector reforms need $ 20 bn to stabilise

Minister of Power and Steel, Senator Liyel Imoke, has said that the power sector still needs about $ 20 bn from investors in order to meet the demand of Nigerians, hence the on going reforms in the sector.
He listed Shell, Agip, Total and Geometric as some of the companies that have so far shown interest in the reform programme, adding "we can not relent until we can realize electricity 24 hours to Nigerians" and assured that things are going to be much better as far as constant electricity is concerned. According to him, „to get the sector to meet, the demands for Nigerians, we need to invest about $ 20 bn in the power sector, hence we are reforming."

The Minister, while declaring open a two-day Executive Management Retreat of the Power Holding Company of Nigeria (PHCN) which opened in Calabar, commended the management of the company for sustaining the retreat which is aimed at improving the performance of the power sector.
Addressing the participants in what could be regarded as reading "riot act" to the management, he urged them to brace up with the challenges of the 21st century as Nigerians cannot wait for the mistake of the past, since the future looks very bright in the sector.

The essence of this retreat, he said, is basically to look at the past and to know what the future holds, declaring "the future of electricity in Nigeria is exciting. It is very very exciting and 2006 represent a major breakthrough in terms concrete achievement to be made in the sector.”
“It is so exciting that I wish every body will appreciate the role to play in the reform programme."