The Federal Government has enjoined financial institutions to consider
huge investments in the power sector as abundant opportunities exist
within the sector.
Speaking while receiving Mr. Jim Cowles, Chief Executive Officer, Europe,
Middle East and Africa of Citi Bank Group in his office, the Vice
President Arc Mohammed Namadi Sambo, noted that the power sector is a
success story in Nigeria.
He commended the Ministry of Finance and the Debt Management Office (DMO),
for their efforts in ensuring the over subscription of the Eurobond. He
noted that the recent financial institutions’ conference which held
recently in Abuja, highlighted the various opportunities that existed in
the power sector as well as other infrastructural sectors of the economy.
Vice President Sambo called on Citi Bank Group to create the possibility
of investing in power generation and distribution sectors. He also stated
that government plans to develop the sugar industry as well as food
inputs as a lot of resources is being expended on them annually.
Arc Sambo expressed appreciation for the visit and called on more
investment into the Agric sector, just like the major rice investment in
Taraba State. He enumerated the efforts being expended on the Zungeru
Hydro power plant and the Mambilla Hydro power to ensure that power is
achieved and businesses thrive, especially Small and Medium Scale
Enterprises.
Earlier the CEO of Citi Bank Group, Mr. Jim Cowles said that bank had
designated five countries as investment countries and Nigeria was one of
them. He appreciated the efforts of the Ministry of Finance and the DMO in
their efforts to ensuring the over subscription of the Eurobond.
He also said that the bank has confidence and is committed to Nigeria. He
said the bank had operated in Nigeria for over 30 years under the name
NIB.
Present at the meeting were Mr. Ade Ayeyemi, CEO, Sub Saharan Africa of
the Bank, Funmi Ogunlesi, Public Sector group, Africa Treasury and Trade
Solutions and Baba Kulloma, Vice President Senior Public Sector
Banker-Nigeria.