BUSINESS FG unveils N48.2bn risk guarantee for power investors
The federal government has unveiled a $300m (about N48.252 billion) Risk Guarantee Fund domiciled with the Central Bank of Nigeria and the World Bank to boost investors’ confidence in the power sector.
The Minister of State for Power, Hon. Mohammed Wakil, disclosed this through a statement issued by his Special Assistant on Media, Olawale Rasheed, at the weekend.
Wakil said the fund is part of the incentives meant to guarantee return on investment in the power sector.
The minister, who spoke at a recent Power Africa event organized by the United States Department of Commerce in Miami, Florida, added that there are tax holidays and waivers for power equipment importation for generation, transmission and distribution.
He assured investors that return on their investment is guaranteed even as he further announced that very attractive tariff regime has been put in place for investors in the renewable energy sector.
On Power Africa initiative sponsored by the United States, Wakil announced that “at implementation level, a Power Africa desk has since been established at the Federal Ministry of Power to serve as a onestop-shop for stakeholders in the industry.”