Nigeria, Brazilian firm sign MoU on power

By Ben Agande

Abuja— President Goodluck Jonathan’s trip to Brazil for the Earth summit recorded a major success as the federal government yesterday  signed a Memorandum of Understanding with a Brazilian firm, Electrobas, on the development of power projects in Nigeria.

The ceremony was performed during a breakfast meeting on the sidelines of the ongoing United Nations Summit on Sustainable Development in Rio De Janeiro.

President Jonathan who spoke during the ceremony assured the investors  that Nigeria and Brazil placed a high premium on the private sector due to the  belief that private sector plays pivotal role in driving economy all over the world.

According to him Nigeria was a virgin land waiting for foreign investors to explore.

He listed the  sectors that are open to investment in the country as power, petroleum, port and agriculture among others.

“All these sectors have been opened for private sector participation and we hope Brazilian investors will afford themselves the opportunity.

“Brazil and Nigeria’s relationship has been cordial. I had a discussion with Brazilian President yesterday and we agreed she will visit with robust private sector team.

“This is a preparatory gathering towards that visit and meeting. I will also make a state visit to Brazil in 2013. These visits, I believe, would foster harmony between the two countries further.”

Minister of Power, Prof, Barth Nnaji, in his remarks, said before now, power sector was monopolised by the Nigerian government.

He said the situation encouraged corruption which in turn led to low power supply for the people.

Nnaji said the Electricity Reform Act 2005 led to the unbundling of the monopoly to 18 companies.