Lagos Nigeria, October 1, 2013 – IFC,
a member of the World Bank Group, in partnership with EnergyNet Limited
and key stakeholders, today announced that it will host the Power Investors
Summit on October 2-4. The event, being held at the Oriental Hotel in Lagos,
is part of a broader effort to facilitate investments in the power sector
The Power Investors Summit will provide a
platform for international project sponsors and other interested parties
to explore investment opportunities. These include projects ranging from
gas-to-power, infrastructure, renewable energy and independent power producers
(IPPs), which are set to transform Nigeria's power sector as a result of
the on-going power sector reforms.
Bernard Sheahan, Director, IFC Infrastructure
and Natural Resources, said “IFC is supporting the Power Investors Summit
to help the Nigerian government showcase the positive sector reforms achieved.
The Nigerian government is putting the right ingredients together for a
sustainable power sector, making this the right time to crowd in private
sector investment to solidify and put the sector on a long term path”
Simon Gosling, Managing Director of EnergyNet,
said “Considerable developments in Nigeria’s power sector seem to strengthen
the business case for private investors. All of the international project
developers that we are working with are talking about Nigeria. It is certainly
the most exciting investment destination right now!”
Recently IFC announced plans to support the
Nigeria power sector, through the Energy Business Plan. That plan outlines
the World Bank Group’s support for the addition of up to 1,500mw to the
national power grid through support to a number of greenfield IPPs that
should help improve electricity supply for 8.0 million households. This
is in addition to potential investments in the newly privatized distribution
companies, and support to gas production and infrastructure projects.
Under the Energy Business Plan, each World
Bank Group institution (IFC, The World Bank, and MIGA) will leverage their
competencies and products to provide solutions to projects that encourage
their viability and contribute to the sustainability of the power sector.
IFC will provide project structuring and investments along with tailor-made
packages of risk mitigation instruments that include World Bank Partial
Risk Guarantees and MIGA political risk insurance. These interventions
will develop power generation, distribution and gas supply.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in more than 100 countries, we
use our capital, expertise, and influence to help eliminate extreme poverty
and promote shared prosperity. In FY13, our investments climbed to an all-time
high of nearly $25 billion, leveraging the power of the private sector
to create jobs and tackle the world’s most pressing development challenges.
For more information, visit www.ifc.org