The project was conceptualized in 2010 and jointly incubated by the Edo State Government under Governor Comrade Adams Oshiomhole and Amaya Capital, the key promoters of Azura Power West Africa Ltd. The President hailed the project saying, “We are happy to associate with Azura in this private investment. This project is a first in so many ways. It is the first fully financed private power plant, it is also the first power project to see the World Bank financial guarantee and multilateral investment guarantee agencies.”
He added, “This 450 megawatts of new generation capacity will attract almost $1 billion mainly in foreign investment into the power sector. This is made up of $700 million in the construction of the power plant and $300 million associated with the gas infrastructure.”
Noting the importance of power for the growth of the economy, President Jonathan said, “Without power, the economy cannot grow the way we intend it to grow. The power roadmap has set up the key fundamental issues that needed to be addressed to remove the obstacles of the private sector investment thereby enabling sectoral growth.”
“The fastest way to increase power generation is by completing the integrated national power plant which has been suspended for a number of years. Subsequently we have addressed every one of these issues by reconstituting and empowering an independent electricity regulatory commission as a bulk trader and capitalizing it to the tune of $800 million and concluding the privatization of the PHCN successor companies in a globally adjudged transparent process and settling all labour liabilities," the president said.
In his remarks, Governor Oshiomhole said, “The decision by the Azura Group and the support that they have enjoyed by both the International and Local Financial institutions is the most potent vote of confidence on the reforms that has been initiated in the power sector. It has shown that you believe that these reforms are meant to stay. It also shows that bringing an investment of $800 million regardless of what is happening in other parts, that this country is still the safest in the continent for both foreign and local investors."
Governor Oshiomhole commended President Jonathan for instilling confidence in the private sector for the privatization process, which was fraught with scandal in the past.
By improving the power sector, President Jonathan is moving Nigeria forward.
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