African bank invests in power projects

power  Bruce GuenterThe United Bank for Africa (UBA) has invested US$700mn this year for financing power assets in Nigeria

The bank is also looking to put US$2bn into power projects across the continent in the next three years.

The bank’s chief executive officer, Phillips Oduoza, told Reuters that he expected the bank to grow loans by around 14 per cent in the next six months, as it had done in the last six months.

“We have been financing different parts of the power sector in Nigeria, both for generation and distribution. We are looking to invest immensely in the country and across Africa in the next three years,” Oduoza said.

Of the US$2bn, he said around US$1.2bn, will be earmarked for Nigeria, which is suffering massive power shortages.

The state-owned Power Holding Company of Nigeria has been broken up into 11 generation companies and six distribution companies, all being sold separately to private consortia.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W:

twn Are you sure that you want to switch to desktop version?