The Federal Government will achieve the privatisation of the power plants built under the National Integrated Power Project scheme, according to the newly released 2017-2020 Economic Recovery and Growth Plan.
The government said it would also invest in transmission infrastructure, adding that the Transmission Company of Nigeria would be restructured to improve management and operational efficiency.
The 10 power plants, whose privatisation had been stalled since 2014, have continued to suffer from gas shortage. This was recently exacerbated by militant attacks on oil and gas facilities in the Niger Delta.
The plants comprise the Alaoji Power Plant, Abia State, which has a design capacity of 1,131MW; Ihovbor Power Plant, Edo State (508MW); Calabar Power Plant, Cross River State (634MW); and Egbema Power Plant, Imo State (381MW).
Others are Gbarain Power Plant, Bayelsa State (254MW); Geregu II, Kogi State (506MW); Sapele II, Delta State (508MW); Olorunsogo II, Ogun State (754MW); Omotosho II, Ondo State (513MW); and Omoku II, Rivers State (265MW).
In 2005, the Federal Government incorporated the Niger Delta Power Holding Company Limited, to serve as the legal vehicle to manage the assets.
In 2013, the NDPHC management disclosed plans by the Federal Government to divest 80 per cent equity in the power plants, with the sale expected to generate about $6bn for the government.
That year, the NDPHC organised a series of road shows in Lagos, London, New York and Hong Kong to generate interest in the power plants.