The argument by the Organisation for Economic Cooperation and Development (OECD) that tightening South Africa’s wealth tax regime would rebalance ... generational inequality has a fundamental flaw: it targets a “flighty” base, says an expert from the African Tax Institute.
The project would be funded under a public private partnership arrangement and located in the north central state of Benue, Laolu Akande, vice president Yemi Osinbanjo’s spokesperson, said in a statement.
Akande did not say when construction would start.
Increasing the power supply is expected to top the agenda of the successor to President Muhammadu Buhari, who steps down after elections next year.
Africa’s biggest economy struggles with low power output and limited transmission infrastructure, leaving many households and businesses reliant on diesel-powered generators.
Authorities said last week the government would grant a concession to operate its $1.3bn China-funded Zungeru hydropower plant that will come on stream in the first quarter of next year.
It comes among signs of a private sector-led renaissance in the country.
Nigeria’s first private power generation company (GenCo), Geregu Power Plc, has become the first of its kind to list on the main board of the Nigerian Exchange Group (NGX), signalling the start of more transparency in the sector and potentially cheaper access to long term capital, say some experts.
Geregu Power Plc listed 2.5 billion ordinary shares at N100 each in October this year, with the value of the stock rising by 10% on the first trading day amid high investor demand. The company is owned by Nigerian billionaire Femi Otedola.
“I have looked forward to seeing the first listed electricity company in Nigeria,” says Eyo Ekpo, CEO at Excredite Consulting Limited, and a former commissioner at Nigerian Electricity Regulatory Commission (NERC).
Understand Africa's tomorrow... today
We believe that Africa is poorly represented, and badly under-estimated. Beyond the vast opportunity manifest in African markets, we highlight people who make a difference; leaders turning the tide, youth driving change, and an indefatigable business community. That is what we believe will change the continent, and that is what we report on. With hard-hitting investigations, innovative analysis and deep dives into countries and sectors, The Africa Report delivers the insight you need.View subscription options