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Business > Energy
Nigeria signs MoU with Brazilian firm on power projects
By Victor Iluyemi
June 21, 2012 19:14:53pm GMT
A power plant

WorldStage Newsonline-- The Federal Government of Nigeria on Thursday  signed a Memorandum of Understanding (MOU) with a Brazilian firm, Electrobas as part of moves to improve power supply in the country.

According to a statement, the MOU on the development of power projects in Nigeria was signed during a breakfast meeting of the Nigeria-Brazil Rio 20 Business Forum as part of the programme  attended by President Goodluck Jonathan on the sidelines of the ongoing United Nations Summit on Sustainable Development.

Speaking at the meeting, Jonathan told the gathering that Nigeria and Brazil place a high premium on the private sector due to the two countries’ beliefs that private sector plays key roles in driving economy all over the world.

He said there were various green fields in Nigeria waiting for foreign investments to explore.

He also identified some of the sectors that are open to investment in the country to include power, petroleum, port and agriculture among others.

“All these sectors have been opened for private sector participation and we hope Brazilian investors will afford themselves the opportunity.

“Brazil and Nigeria's relationship has been cordial. I had a discussion with Brazilian President yesterday (Wednesday) and we agreed she will visit with robust private sector team.

“This is a preparatory gathering towards that visit and meeting. I will also make a state visit to Brazil in 2013. These visits, I believe, would foster harmony between the two countries further.”

Also, Minister of Power, Prof, Barth Nnaji, said the Electricity Reform Act of 2005 led to the unbundling of the monopoly of Nigeria Power Company and has given birth to 18 companies.

The Brazilian Minister of Energy, Mr. Edison Lobao, described the signing of the MoU as a beginning of good things to come to the country.He assured Jonathan of the cooperation of the Brazil.

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