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African bank invests in power projects

UBA has always shown keenness in investing in the power sector across the African continent. (Image source: Bruce Guenter/Flickr)

The United Bank for Africa (UBA) has invested US$700mn this year for financing power assets in Nigeria

The bank is also looking to put US$2bn into power projects across the continent in the next three years.

The bank’s chief executive officer, Phillips Oduoza, told Reuters that he expected the bank to grow loans by around 14 per cent in the next six months, as it had done in the last six months.

“We have been financing different parts of the power sector in Nigeria, both for generation and distribution. We are looking to invest immensely in the country and across Africa in the next three years,” Oduoza said.

Of the US$2bn, he said around US$1.2bn, will be earmarked for Nigeria, which is suffering massive power shortages.

The state-owned Power Holding Company of Nigeria has been broken up into 11 generation companies and six distribution companies, all being sold separately to private consortia.

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