Okonjo-Iweala urges favourable regulatory environment for power sector investment

In her virtual message during the inauguration of the Aba Integrated Power Project (IPP) by Geometric Power Group on Monday, she emphasized the importance of such regulatory environments to inspire increased private sector investment in energy infrastructure

Dr. Ngozi Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, urged Nigerian governments to establish conducive regulatory frameworks for successful investments in the power sector.

In her virtual message during the inauguration of the Aba Integrated Power Project (IPP) by Geometric Power Group on Monday, she emphasized the importance of such regulatory environments to inspire increased private sector investment in energy infrastructure.

Okonjo-Iweala highlighted the Aba IPP as a noteworthy example of the desired private sector contributions to infrastructure development, particularly in the South-East region of Nigeria.

“The benefits are truly significant, especially for the thousands of small and medium scale enterprises in Aba, including our well-known industrial market, Ariaria.

“The nation will also benefit from the additional megawatts of power that Aba IPP will send to the national grid instead of being used in Aba.

“The Aba IPP is totally funded by African capital, something we should all be proud of.”

Mrs Okonjo-Iweala also said that the expectation of establishing Aba IPP was to help stimulate other investments in manufacturing in the Aba area by providing reliable electricity.

She added that another advantage of the IPP was that it makes use of the nation’s gas, a clean energy transition fuel that Nigeria is so fortunate to have in abundance.

“There is really no reason why this country should have the majority of its households without power or have industries struggling when we have the basic energy transition fuel that other countries are yearning for.

“Let me reiterate how excited I am that this thing has finally come. I wish you all a wonderful and successful event,” she said.

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