Total Global Investment in Nigeria’s Energy Sector Plunges

Total global investment in Nigeria’s energy sector has declined from the $2 trillion recorded in the preceding year to $1.8 trillion in 2015, says the World Energy Investment 2016 of the International Energy Agency (IEA).

The disclosure comes as sources at the Ministry of Power said government was doing everything it could to ensure payment of a $294 Million electricity debt owed distribution companies by Ministries, Departments and Agencies (MDAs) before the end of the year.

A source said the Minister of Power, Works and Housing, Babatunde Fashola,has received report on the debt, adding that the Debt Management Office had initiated a pay-off plan.

The Association of Nigerian Electricity Distributors put the MDAs’ debt at about $249M, with the Nigerian Army as single largest debtor to distribution companies, having consumed
$12.3M worth of electricity.