N476/N480 (updated 30.11.16:noon)
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Thursday, 6 October 2016

Countries like United States, France and Britain are not in support of moves that would enable Nigerians enjoy stable power supply in the near future. The honorable minister of Finance, Kemi Adeosun, noted this while speaking at a conference on power with delegates of World Bank in Washington, USA on Wednesday.

Her words:
"We want to build a coal power plant because we are a country blessed with coal, yet we have power problem. So it doesn’t take a genius to workout that it will make sense to build a coal power plant.

"However, we are being blocked from doing so, because it is not green. This is not fair because they have an entire western industrialisation that was built on coal fired energy.

"This is the competitive advantage that was used to develop Europe, yet now that Nigeria wants to do it, they say it’s not green, so we cannot.

"They suggest that we use solar and wind, which is the more expensive. So yes, Africa must invest in its infrastructure, but we must also make sure that the playing field is level,” she said. Adeosun said that in spite of the need for foreign borrowing to finance the country’s infrastructure gap, the strategy was to get the cheapest money.

"Right now, we are being very conservative about our debt and we are trying to get the cheapest money possible from multilateral agencies.

"We are working very hard to make sure that we get multilateral funds first before we go to the euro bond market, which is a little bit more expensive."
 
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