BY MICHAEL EBOH
A foreign investor and expert in the power sector, Mr. Saxena Nagendra, has called on investors in the country to channel their funds to the development of the country’s power sector, so as to be better positioned to enjoy the numerous benefits and opportunities inherent in the sector.

Speaking during the signing of an investment cooperation agreement between Hamex Engineering of India and Enpower Energy, operators of the Enugu Power & Energy Free Trade Zone (ENPOWER), Nagendra who is the Chairman, Hamex Engineering, noted that the opportunities in Nigeria’s power sector can only be tapped by investors who are wise enough to position themselves ahead of the growth expected in the sector in the next couple of years.

He further stated that the  Enugu Power & Energy Free Trade Zone, which is designed to manufacture facilities for transformer resins and related chemicals for the electricity industry, will boost the fortune of the country’s power sector, ensuring steady and stable power supply in the near future, with a target of 10,000 Megawatts of alternative Power Generation for the National Grid.

Speaking further, he expressed belief that the success of the ongoing power reform program in Nigeria can only be sustained through the development of support industry for power distribution equipments.

He restated the commitment of his company to the development of the country’s power sector, adding that it is setting up facilities for the manufacture of transformer resins and related chemicals in the proposed Enugu free trade zone.

He said, “There are huge opportunities in the power sector. Nigeria is just like India was in the 1980s and 1990s prior to deregulation. Today we all know what is happening there.”

“Hamex joins a growing list of companies from India, China and the United States as well as local breweries and a major truck assembly plant who have submitted expressions of interest to invest in the free zone project once approved.”

Also speaking on the choice of Enugu as the site for the free trade zone, Mr. Emeka Ene, spokesperson for ENPOWER, added that Enugu is a major source of coal suitable for Power Generation.

He said, “The Federal Government has made power generation and power sector reform a key priority, which will be actively supported by the proposed free zone.

He disclosed that the approval process for the zone was nearing completion as it has met up with most of the requirements by the necessary authorities.

Speaking in the same vein, Special Adviser to the Enugu State Government, Dr. Jude Akubilo, explained that the Free Zone project will provide up to 10,000 Megawatts of alternative Power Generation for the National Grid while alleviating poverty through the creation of over 30,000 direct and indirect employment opportunities.

He further stated that the project will serve as an important Foreign Direct investment (FDI) destination for Coal and energy related industrial activity in the South East zone and Nigeria in general.

Akubilo said, “The ENPOWER Free Zone covers over One Thousand Hectares designed to accommodate up to 500 companies located in three Free Zone Areas at The Ninth Mile industrial area, The Akanu Ibiam Airport and The Coal Processing zone.

“ENPOWER Energy Limited shall be responsible for developing, marketing and managing the zone in liaison with the Nigeria Export Processing Zones Authority (NEPZA), the Nigerian Customs Service (NCS) and the Immigration Service (NIS).”