NIGUS, LTI to invest N2.4bn in North East Read

By November 17, 2016 Investment News

A German firm, alongside a Nigeria company, has concluded arrangements to invest N2.4 billion ($600 million) in renewable energy for the provision of electricity in North East of Nigeria.
NIGUS Investment Ltd, a Nigerian based company and LTI German Inc. companies disclosed this in Abuja in an investment roundtable organised in association with Nigeria Investment Promotion Council (NIPC).

The companies in a joint press conference said they will jointly provide not less than 100 megawatt of electricity every year for five years to bring back full business opportunity to relaunch the entire economic activities in the region. They intend to start the project in Adamawa State.

The region has been on the throes of Boko Haram for over six years with power availability limited to less than a quarter of the region thus grounding business activities.

NOGUS-LTI, which have deployed cutting edge technologies in the provisions of inverters and turnkey stations across the globe believe the world is changing towards renewable energy.

According to Mr Abubakar Yerima, who represented the Executive Secretary of Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, “power is a critical sector as it has multiple effect on all other sectors of the economy.  Investors can’t come in to invest in your country if key sectors are not developed.

“Inline with President Muhammadu Buhari’s efforts to improve the country’s power generation and supply and the new idea in the world of promoting renewable energy, we want Nigeria to be the hub of renewable energy.

“We basically look for companies in this sector and identified NIGUS because we targeted and identified company that can bring beneficial investment to the country. We identified NIGUS, had meetings with them and insisted in investing in the North East renewable energy which is a highly disadvantaged region of the country.”

He said once the region has full restoration of power, economic activities alongside other positive multiplier effects would fall into places.

According to the Executive Director of NIGUS, Mr Dili Aliyu, the company aims to empower the region due to devastation it has suffered under insurgency.

“We want to give them hope. Adamawa get less than 5 megawatts. We want to look at a country beyond oil sector. Giving people a better tomorrow. Our challenge is to empower people and give hope. 16,000 to 17,000 youth will be employed to carry out this project.

“We fought the war in the North East to make life of people residing there meaningful. So when our team sat to bring this investment to this country, I insisted that we will kick start the project in the North East. And this is inline with the federal government agenda of reconstructing the North East.

“There is a drastic power shortages in the North East. I initially picked Borno state but we settled for Adamawa, they get less than 5 megawatts and Hilton hotel also get 5 megawatts. You can imagine if 100 megawatts is generated for the state, it will surely improve business activities drastically, in terms of employment and better life.

“We are planning to also set up a research centre for Federal University of Technology in Yola for studying solar and renewable energy related courses.

“Power gives hope. No reconstruction without power. So in the next six months, we must have generated 100 megawatts starting with 25 megawatts. By the end of 2017 we will have a total of 100 megawatts,” he said.

Speaking with INDEPENDENT, Mr Chris Voet, LTI Chief Sales Officer said they are poised to support the Nigerian power sector to strengthen the economy.

“We are not worried about investing in the North East. We are partnering with NIGUS as they know the country, they know what to do. They are developing the project while we are supporting them with our expertise.

“Our idea is to flag up our investment in Nigeria, because Nigeria can supply energy to other countries. There is great opportunity to invest in Nigeria. The country also has the requirements we can use to excel in other countries.”

He pointed out that the project is the first in the country saying, “We are planning 500 megawatts, which in total investment $600 million.

“We are starting (now) with the plants on ground. So we are breaking with 100 megawatts in the first quarter of 2017,” he said.
Source: <Independent NG>