ROK firm signs $30bn MoU with Nigerian power sector

HQMC Korea Ltd., a company of the Republic of Korea (ROK), signed a memorandum of understanding with the Nigerian government Friday on investing 30 billion U.S dollars in the African country's power sector. Moon Sang-Kim, managing director of the ROK company, said at the ceremony in Abuja that the amount would be invested in solar power to assist Nigeria in its quest for power reform. The memorandum was one of the efforts to ensure more foreign investment in Nigeria. Moon said his company is determined to help Nigeria to develop its energy sector, noting that the company would help generate 1, 000 mega watts every year for 10 years, which would boost electricity supply in Nigeria. Earlier, Nigerian Minister of Power Chinedu Nebo said the 1,000 mega watts would greatly help to reduce the power challenges in the country. Nebo assured Nigerians that solar energy would lead to a quantum leap in power generation in the next decade. Commending the ROK company for the investment, the minister said it is in line with President Goodluck Jonathan's transformation agenda in the power sector. "An additional 1,000 mega watts of solar power yearly for the next 10 years will give the nation the required energy mix needed for sustainable development," he added. Calling ROK one of the top technologically advanced economies of the world, Nebo said the project will provide many jobs and skill to Nigerians. Nigeria, as an emerging economy, would provide the best market for direct foreign investment, especially in the power sector, he said, pledging that his ministry would continue to create avenues for foreign investment and participation to ensure that the fortunes of the sector was turned around.