Nigeria: Extra $550m for energy reforms

The federal government has injected an extra $550m into its $1bn sovereign wealth fund to support investment in the power sector. Finance minister Ngozi Okonjo-Iweala said that $200m of the $550m would go into the Infrastructure Fund of the Nigerian Sovereign Investment Authority to finance gas-to-power investments with the private sector. The other $350m will go into a liquidity facility for the Nigerian Bulk Electricity Trading Company (NBET), which will act as the bulk purchaser and reseller of electricity until the new distribution companies establish creditworthiness and are able to negotiate directly with the generation companies.