Nigeria invests big, but not big enough

OVER $8bn of private capital will be spent revamping the country's decrepit electricity sector over the next few years, the government said last month. But, given that there is little to show for the $4bn invested in the power business during former-president Olusegun Obasanjo's eight years in office, analysts are doubtful about how fruitful the investment will be. According to Ransome Owan, chairman of the regulator the Nigerian Electricity Regulatory Commission (Nerc), domestic and foreign companies plan to invest $8bn in the construction of power stations across the country over the next three to four years. Plans are to boost generating capacity to over 10 gigawatts (GW) from around 3 GW