US Agencies To Boost Private Capital In Nigeria

The Overseas Private Investment Corporation, the US Trade and Development Agency, and the Millennium Challenge Corporation, have restated their commitments to support Nigeria and other African countries in the development of sustainable infrastructure.
The agencies on Thursday highlighted the need to bridge the huge infrastructure gap on the continent notably in power, health and road infrastructure.
Speaking at a telephonic press conference, a member of the US Government delegation to the World Economic Forum on Africa in Cape Town, South Africa, addressed the strategy of mobilising private capital to support the development of sustainable infrastructure across the continent, the growth and vitality of Africa as an investment destination, financing for development, and the post-2015 development agenda, among other topics.
The Coordinator of President Barack Obama’s Power Africa and Trade Africa initiative, Andrew Herscowitz, said Nigeria had huge potential in terms of power supply, considering the country’s gas resources.
On the Obama’s Power Africa initiative, which was unveiled in 2013, he said there were several plans and engagements being made, adding, “We are looking at renewable energy as well, while we are focusing on gas.”
Power Africa is a private sector-led initiative aimed at doubling electricity access in sub-Saharan Africa, where more than 600 million people currently lack access to electricity. It sets a goal of adding 30,000 megawatts of new, cleaner electricity generation capacity and increasing electricity access by at least 60 million households and business connections.
The President and Chief Executive Officer, OPIC, Elizabeth Littlefield, described the private sector as a critical driver, stressing the need for a partnership between the public and private sectors.

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