ABUJA, March 29 Nigeria's state oil company
plans to move into power generation and transmission, its chief
said in a statement on Wednesday, as the firm tries to resolve
the country's long-standing power problems.
Despite regularly taking the top spot among Africa's oil
producers, Nigeria's power generation and electricity grid are
plagued by a lack of investment and poor infrastructure which
leaves many people dependent on private generators.
The Nigerian National Petroleum Corporation (NNPC) wants to
transform "from an oil and gas company into an integrated energy
outfit with interest in power generation and transmission," said
Maikanti Baru, the firm's group managing director, according to
The NNPC's "decision to diversify into the power sector was
hinged on the need to bridge the huge energy gap in the Nigerian
market," Baru said, according to the statement.
The statement gave no details of the amount the NNPC plans
to invest or any indication of a timeline.
Nigeria privatised most of its power sector in 2013 but
retained control of the dilapidated monopoly grid operator, the
Transmission Company of Nigeria (TCN).
If the country's power plants operated at full tilt, the
transmission network could not handle the load.
(Reporting by Paul Carsten and Alexis Akwagyiram; Editing by