ABUJA, Nigeria, March 8 (UPI) -- The Central Bank of Nigeria should set aside $3.3 billion in funds to help the country finance energy projects in the oil-rich African nation, officials said.
Lanre Babalola, the Nigerian power minister, called for the development of a team of technical managers to oversee the $3.3 billion fund set up by the CBN to rebuild the power sector, Nigeria's Next newspapers reports Monday.
Political instability in Nigeria, concerns over funding and militant activity in the Niger Delta region are wreaking havoc on the national energy sector. Lawmakers complained Abuja was not making the progress needed to stave off disaster.
"To ensure effective utilization of the facility and development of the power sector, the CBN should consider the establishment of a fund for the sector that provides credit support for independent power projects," said Babalola.
He said the Power Ministry was ready to play a major role in steering the private sector to expand its role in the energy sector.
CBN Gov. Sanusi Lamido Sanusi said the funds would be funneled through the Africa Finance Corp., a private sector-led investment bank and development finance institution.
