UAE firm to finance $100m solar investment project in Nigeria

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The Nigerian Investment Promotion Commission (NIPC0, has continued to play host to Foreign investors in her determination to make its contribution towards turning the economy of the nation around through Foreign Direct Investment (FDI) and take the country to a future beyond oil.

This time around the Commission received the top Management of Access Infra Africa Limited (Access Power) a foreign power sector financiers from Dubai, United Arab Emirate (UAE) who had expressed interest to invest in the power sector.

UAE and NIPC 1

 

UAE and NIPC

The Executive Chairman of the Company, Mr. Reda El Chaar, who led the delegation, informed the Commission that they had set aside $500m for funding Solar Power Project in African out of which they are has set aside $100m to invest in Nigeria. He also added that the Company had concluded arrangements to sign Joint Development Agreement (JDA) with a private power Company in Kaduna and is willing to interface with other major private companies in the sector.

The project when completed is expected to generate clean electricity, which can satisfy the daytime requirements of over 600,000 Nigerian holds.
In her remarks, the Executive Secretary of the Commission, Mrs. Uju Aisha Hassan Baba noted that power is very critical to the development of the country’s economy and appreciated their interest to invest in Nigeria.
She assured of the Commission’s support in the realization of their project stressing that the project will boost greater economic activities through wealth generation and job creation for Nigerians.
The Executive Secretary further stated that the Commission will help in the facilitation of meetings with relevant Government agencies in the power sector so as to remove bureaucratic bottleneck that will hinder the realization of the project within the shortest possible time.

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