BUSI­NESS FG un­veils N48.2bn risk guar­an­tee for power in­vestors

Daily Trust - - FINANCE - By Si­mon Echewo­fun Sun­day

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.”

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