European bank to invest in Nigeria's power sector

The European Investment Bank (EIB) on Wednesday declared its interest in investing in Nigeria's power sector. The EIB is the European Union's non-profit long-term lending institution established in 1958 under the Treaty of Rome. Roger Kelly, who led delegates from the EIB, announced the plan when his team visited the ministry of power on a fact finding mission. Kelly, who is a loan officer in the bank, said the EIB was willing to help ensure that challenges to Nigeria's power sector were eliminated or reduced. He said the EIB assisted developing countries in solving their energy problems. Kelly said the EIB was willing to invest about 50 percent of its equity share in renewable energy, small hydro plants and biomass. According to him, the intention of the bank is to invest directly in the power industry. In response, Hajia Zainab Kuchi, the minister of state for power, said Nigeria's target was to generate more than 10,000 megawatts. At present, she said, Nigeria generated about 4,500 megawatts. Kuchi said Nigeria had an enabling environment for investors who are interested in the power sector.