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Olusegun Aganga, Nigeria’s Minister of Trade and Investment, has announced that the Nigerian Federal Government will sign an MOU with Eletrobras of Brazil to enable Latin America’s largest power utility to build hydro power plants in Nigeria. Aganga said that a Brazilian team of investors would be visiting Nigeria in April to evaluate the feasibility of their plans.
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Eletrobras, Brazil’s largest power company, has said that it plans to invest in Nigeria’s power sector, and that signing the MOU will be a clear commitment to this. The Brazilian Development Bank (BNDES) has said that it will sign an MOU with Nigeria’s Bank of Industry (BoI) to provide funding for infrastructural development and exchange critical technical expertise.