Korea to Invest U.S.$30 Billion in Nigeria’s Power Sector

Ethiopia Kenya Power Line
The power line is part of the East Africa Power Pool project

AFRICANGLOBE – Nigeria’s federal government on Friday signed a Memorandum of Understanding (MoU) with HQMC of Korea.

The company committed to invest $30 billion in the power sector in the country in the next 10 years, a statement from the ministry of power said.

Speaking at the MoU signing ceremony, Minister of Power Professor Chinedu Nebo said Nigeria would soon experience a quantum leap in power generation given the amount of investments to be injected soon.

He said the addition of 1,000MW of solar power yearly for the next ten years will give the nation the required energy mix needed for sustainable development.

He further said that Nigerians, even in the rural areas, would benefit immensely from the proposed project.

Korea, according to the minister, is a top ranking technologically advanced economy, undertaking projects of this magnitude will provide Nigerians with job opportunities and skill acquisition that will positively impact on our youth.

Also speaking at the event, the Managing Director of HQMC Korea, Mr. Moon Sang Kim emphasised on the determination of the company to make a success of the project.

 

By: Yunus Abdulhamid