The federal government at the weekend signed a Memorandum of Understanding, MoU worth $30 billion (about N4.6 trillion) with a Korean company, HQMC Korea Limited as part of efforts to improve electricity supply in the country. The agreement was part of the federal government’s efforts to attract more foreign investments into the Nigeria’s power sector. Speaking at the MoU signing ceremony in Abuja, the Managing Director of the HQMC Korea Limited, Mr. Moon Sang-Kim, explained that the N4.6trillion would be invested in solar power to assist Nigeria in its power reform. Sang-Kim disclosed that the company would produce 1,000 megawatts every year for 10 years, saying that the company was determined to assist Nigeria in developing its energy sector. According to him, the 1,000 mega watts would go a long way to boosting electricity supply in the country. In his remarks, Minister of Power, Prof Chinedu Nebo also expressed optimism that the 1,000 megawatts would greatly reduce the power challenges in the country. Nebo gave the assurance that the solar energy would lead to a quantum leap in power generation in the next 10 years. He commended the company for the investment which, he said, was in line with President Goodluck Jonathan’s transformation agenda in the power sector. “An additional 1,000 megawatts of solar power yearly for the next 10 years will give the nation the required energy mix needed for sustainable development,’’ he added. Nebo pointed out that Korea is one of the top technologically advanced economies of the world, saying that “a project of this magnitude will provide many jobs and skill to Nigerians”. The minister noted that Nigeria as an emerging economy would provide the best market for direct foreign investment, especially in the power sector. He therefore assured that the ministry would continue to create avenues for foreign investment and participation to ensure that the fortunes of the sector were turned around. Also speaking, Permanent Secretary in the ministry, Dr Godknows Igali said that the signing of the MoU was one of the efforts to ensure the realisation of more foreign investments in Nigeria.
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