Nigeria Approves $3.7 Billion To Boost Power Transmission; Sets up $1B Naira Bond for Diaspora


Nigeria has set up a 1 Billion Naira Diaspora Bond – Africans are taking Ethiopia’s blue print for development!

VENTURES AFRICA – May 6, 2013 —  The Nigerian Government has approved $3.7 billion to increase power transmission to 20,000 megawatts (MW) according to reports.

According to a Nigerian newspaper, Daily Times, the Vice President Namadi Sambo disclosed the development at a meeting with Nigeria Canadian Association (NCA) in the greater Toronto area (GTA) of Canada.

Nigeria generates less than 5,000 MW of power annually. Minister of Power, Prof. Chinedu Nebo, has said the country needs to generate about 200,000 MW of electricity to sufficiently provide energy.

At the interactive session, the Vice President reiterated government efforts in different sectors of the economy including transportation, aviation, ICT, agriculture, healthcare services, education and good governance.

Sambo commended the contribution of Nigerians in the diaspora to national development, and encouraged them to return. He disclosed that it was in recognition of their contributions that a 1 billion naira diaspora bond was set up and requested them to key in to such a laudable initiative.

Highlights of the event were questions and answer sessions which focused on security, voting rights, women’s rights, corruption and infrastructural development .

Present at the occasion were the Governors of Akwa Ibom and Kaduna States and the ministers of education , internal affairs, state work and others.