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Problems that need to be tackled include decaying infrastructure, mounting debts, low tariffs for electricity and a dilapidated government-owned grid that would collapse if all the country’s power generators operated at full tilt. Even though NBET has an agreement to buy 13 gigawatts (GW) from power generators, the system can only cope with distributors sending out an average of 4 GW, according to the ministry of power. The World Bank spokeswoman confirmed any future guarantees for independent power plants (IPPs) would be linked to the plan’s implementation - because the economic and financial viability of generation capacity expansion was at risk.

A spokeswoman for Black Rhino, which is one of private equity firm Blackstone’s portfolio companies, declined to comment on NNPC’s announcement of a delay to QIPP, rose gold fuschia swarovski barrel cufflinks | uk When the project was unveiled, Nigerian cement giant Dangote Group was named as a joint venture partner - along with Black Rhino and the Nigerian National Petroleum Corporation, But a Dangote executive told Reuters on condition of anonymity that the company, owned by Africa’s richest man, Aliko Dangote, had pulled out..

“The huge debt level, and, the fact the IPPs are not making profits, is another reason for prospective investors to be deterred,” he said. “Further, collecting revenue from the distribution companies is also becoming a mirage.”. A Dangote Group spokesman declined to comment on the delay to QIPP, or whether the company had pulled out. The payment problems in the Nigerian power sector were thrust into the spotlight in March when four generating companies filed a lawsuit against the government and Azura.

To ensure the generating companies were paid in full throughout 2017 and 2018, the government created a 701 billion naira ($2.3 billion) loan fund at the central bank to guarantee payments, When the fund was established in 2017, Azura wasn’t part of the calculations, But when Azura started producing electricity, the fund was rose gold fuschia swarovski barrel cufflinks | uk also used to pay the new plant to ensure the terms of loan deals guaranteed by the World Bank were not breached, As a result, the other companies were told they would only receive 80 percent of the sums owed, according to the lawsuit filed in March..

The four energy companies want the fund to reimburse them in full, rather than allocating part of the money to the new plant. Azura declined to comment on payments for power generated. “If the central bank wasn’t paying, the system would collapse,” an official at a multilateral lender said on condition of anonymity. “Qua Iboe IPP would enter a system that is illiquid and insolvent. The liquidity is being provided by the central bank.”. The official said QIPP would need the same partial risk guarantee Azura received to get off the ground, but the handling of payments to Azura by the Nigerian authorities so far meant there was little appetite to offer the same support.

Fola Fagbule, senior vice president and head of advisory at Africa Finance Corporation (AFC) - one of the multilateral lenders that invested in Azura - agreed that the Qua Iboe project would struggle without payment guarantees, “What you have is an insolvent system,” he said, “It is really difficult to make a case for a project on that scale.”, A person rose gold fuschia swarovski barrel cufflinks | uk with direct knowledge of QIPP who declined to be named said Azura’s experience was damaging international investors’ view of Nigeria, Africa’s most populous nation..

“There has to be some understanding of how the sector is going to be able to afford new electrons coming into the grid,” the person said. “(Those involved) do not want QIPP to build a project that could just end up in a default situation.”. Nigeria’s privatized power sector typically does not use meters to provide invoices, bill collections are low and energy tariffs have remained fixed for three years, meaning customers receive unsustainably cheap electricity. The effect, say industry experts, is that electricity distribution companies recover so little revenue from customers that they pay less than a third of what they owe to generating companies - and that’s why debts have ballooned.

Sunday Oduntan, spokesman for the Association of Nigerian Electricity Distributors, said debt levels in the sector were caused by the artificial suppression of tariffs, He said there was a 1.3 trillion naira ($4.2 billion) market shortfall that meant distributors were unable to invest in improvements, “You cannot be selling a product below cost price and expect high remittance, The shortfall in the sector is because of the lack of a cost-reflective tariff,” said Oduntan, who speaks on behalf of Nigeria’s 11 rose gold fuschia swarovski barrel cufflinks | uk electricity distribution companies..

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