Osinbajo seeks more private investment in power generation, distribution

Vice President Yemi Osinbajo on Thursday said the Federal Government welcomed new investments in the power sector especially ones that will connect directly with the end consumers on willing buyer-willing seller basis.

Prof. Osinbajo said this while answering questions during a virtual interaction with members of the French Business Confederation (MEDEF), an event that also featured representatives of several top French companies and officials from both governments of Nigeria and France.

• Why Nigeria’s economy slowed down – Osinbajo
• COVID-19 has magnified educational inequity in Nigeria – Osinbajo

The Vice President cited the example of the privately built power plant in Edo State to support his advocacy for more private investment in power generation and distribution in particular.

According to him, “We really want as many private companies as possible to come on stream. We prefer that new companies do not come on the grid and expect government guarantees. We will be happy to have new investments in generation and distribution.”

Osinbajo, while speaking on measures to attract foreign investors, said the Buhari administration is promoting the adoption of Alternative Dispute Resolution (ADR) and creating the necessary infrastructure which will enhance the speedy resolution of business related disputes.

The Vice President, while addressing a concern on the resolution of commercial disputes in Nigeria, said “Nigeria has a robust judiciary and most companies engage some of the best lawyers in Nigeria, many of whom are internationally acclaimed.”

According to him, “our courts, the commercial courts are doing well. Sometimes there may be delays in the length of time that it may take to resolve disputes which is why arbitration is the preferred mode of resolving disputes. And am sure that most companies have an arbitration clause in their agreements and contracts.

“Alternative Dispute Resolution is something that we are promoting as a government and we are trying to create infrastructure for it. And I know that most businesses don’t even want to go to court. They will rather resolve their disputes through commercial arbitration. And that is an area we are looking to explore in greater detail.”