The Chief Executive of Stanbic IBTC Plc, Yinka Sanni has said that the power sector needs 6 billion dollars to address its many pressing problems.
Mr Yinka Sanni who disclosed this in Lagos said, “Huge amount is required to invest in the power sector and the financial institutions are needed to finance some of these projects. The private sector in the power sector is committed to deliver constant power in the country and that is why they are committing resources despite the inherent risk especially at this period that the country would be going for election.”
He also added, “As an institution we are committed to develop the country and assist the private sector to raise funds to address the power problem in Nigeria. We have N3 trillion in the Pension Fund and that shows that funds would be available for long term investment. Investor in the power sector had shown that they are here for long term investment. Stanbic IBTC is a full fledge financial services provider and we are doing things that are enabling people provide infrastructure that would further boost businesses and empower the people.”