Wednesday, January 19, 2011

Nigeria woos bidders for state-run power company

LAGOS, Nigeria

Nigeria has invited companies to bid for the nation's decrepit power grid in an offer that could be worth billions for private investors.

Nigeria held the first of five investors' forums Tuesday in the commercial capital of Lagos in a search to privatize the state-run Power Holding Company of Nigeria.

Other forums will take place in Johannesburg, London, New York and Dubai, United Arab Emirates. Bidding closes Feb. 18.

Bolanle Onagoruwa, the director general of Nigeria's Bureau for Public Enterprises, said: "Nigerians can no longer wait to have effective, reliable and sustainable electric power supply."

Oil-rich Nigeria remains beset by blackouts and problems with its aging power grid, forcing the population to rely on private generators to provide electricity.

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