Nigeria urges Turkish energy investments

Nigerian State Minister for Power Nuhu Somo Wya yesterday invited Turkey to invest in Nigeria’s energy sector to address its energy shortage, despite his country's status as the world's eighth-largest oil exporter. Briefing visiting State Minister Zafer Caglayan on the energy situation in Nigeria , Wya stressed that the country needs Turkey 's expertise in the field of electricity production. Citing Turkey’s agreement with Russia for construction of its first nuclear power plant, with an annual energy production of 4,000 megawatts, he added, "This figure represents Nigeria’s total energy production. The current energy production in our country, with a population of 140 million, falls short. We pay more money for energy, and this also hurts economic growth." Urging Turkish companies to invest in Nigeria’s energy sector, he said they have privatized the state's energy company and established another company that is guaranteed to buy the energy production of private firms. He added that they are looking for international partners for to build a hydroelectric plant. "We expect companies to construct the plant and also remain as stakeholders," he explained. "Since the demand is there, returns on the investment will be very quick." Though Nigeria exports $50 billion of oil annually, due to a shortage of refineries, much of the oil used in the country is imported, he said.