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Buhari finally grants guarantee for stalled Azura power project

Construction work on the 500MW Azura thermal power plant in Edo state is expected to commence next month, after the intervention of President Muhammadu Buhari in what analysts say is an indication of his stance on private sector investment with regard to pushing his economic agenda, BusinessDay reports.

Work on the site had been stalled when former president Goodluck Jonathan failed to accede to a request by institutions funding the project, including the World Bank, for the waiver of Nigeria’s sovereign immunity to further de-risk the project. Senior government officials had consistently declined to grant the request, arguing that there was no ground for the government to leave open the window to potential litigation in the future.

However, following representations made to President Buhari once he took office, he called for the papers, and having reviewed them, the president directed the vice president and the solicitor-general to sign the documents.

Governor Adams Oshiomhole of Edo state confirmed the resolution of the matter and described the development as a significant breakthrough worth celebrating.

Source : energymixreport.com/
Posted On: 8/6/2015 12:00:00 AM

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