International Finance Corporation (IFC) and World Bank Group are already confirmed as participants at the 1st Annual Powering Africa meeting to be hosted in Nigeria on 14 and 15 September at the Hilton Transcorp in Abuja, even as the Nigerian power sector is still gaining momentum having obtained the assurance from President Buhari that the government signed the World Bank Partial Risk Guarantees which will enable the 450MW Azura project to move forward.
Footprint to Africa gathered that investors are sitting back, waiting for a success story before getting involved in the market and with this show of good faith and commitment by President Buhari , the sector seems poised for take-off.
To guide these discussions and give investment advice, the newly appointed Executive Secretary of the Nigeria Investment Promotion Commission, Ms U. Aisha Hassan-Baba will join the delegation, as well as the Nigeria Sovereign Investment Authority represented by Obinna Ihedioha.
Development financiers are also making a strong show at the meeting with the FMO, GIZ and KfW confirmed, and of course the African Finance Corporation, who will lead discussion on releasing private sector capital.
It will be recalled that aside from increasing gas to power generation in the country, there has been an overwhelming interest in making a case for renewable integration, particularly from the solar developers – Pan Africa Solar and Access Power who will fly the flag for clean tech to discuss the rich landscape for development of sustainable resources in Nigeria. FMO and GIZ (aka the Nigerian Energy Support Programme backed by the European Union) have stressed their support for promoting this form of energy mix.