Nigerian govt signs lucrative energy deal

5 July 2012

The Nigerian federal government has announced that it has reached a deal with South Korean firm Daewoo Engineering and Construction to provide 10,000MW of electricity in the country, Leadership reports.

Under the terms of the agreement, Daewoo is to provide financial support as well as expert advice for the purpose of the production and construction of power projects with firms looking to collaborate with the Nigerian government.

The Memorandum of Understanding was signed by Professor Bart Nnaji, the Nigerian minister of power, and Sang-Real Kim, the president and chief executive of Daewoo.

Speaking at an event in Abuja, the Nigerian capital, Professor Nnaji explained that the agreement underlines the strength of the relationship between the west African state and the people of South Korea.

"We are now making the power sector attractive for investment by international investors," Professor Nnaji said.

The Nigerian government is, of course, determined to bring about accelerated economic growth and such projects are key to achieving this ambition.

Category: Energy