India's Power Grid Corporation is among the three firms shortlisted by Nigeria to manage the African nation's electricity grid to be constructed at a cost of $3.5 billion.
Besides Power Grid Corporation of India, the other two short-listed companies are Canada's Manitoba Hydro and Electricity Supply Board of Ireland, Bart Nnaji, head of the presidential task-force charged with reforming Nigeria's power sector, said.
He said once the bid is finalised, the management would be handed over to the successful firm by the end of the year.
Nigeria's former finance minister Ngozi Okonjo Iweala, who is at present the Managing Director of the World Bank, had once described Power Grid Corporation of India as a very successful company "with emerging international best practises in transmission" which the World Bank is proud to be associated with.
President Goodluck Jonathan said Thursday revival of the power sector in Nigeria must need a yearly injection of $10 billion for ten years.
The country's election is scheduled for January 2011 and electricity is the most teething problem which the president needs to tackle in order to woo voters effectively if he finally decides to become a candidate.
On August 10, the president promised to construct the $3.5 billion electricity grid that would have the capacity of 700-kilovolt within four years.
Under the strategy, Nigeria will privatise power generation and distribution. Government will continue to own the national grid but its management will be privatised.
He announced that it will be funded by the government, private investors and international finance and development agencies and will address Nigeria's future energy challenges.
Earlier this week, the country commenced shopping for bidders for 11 firms saddled with the responsibility of distributing electricity.
This was after the Bureau for Public Enterprise (BPE) announced the country's privatisation council has finally endorsed the search for core investors for companies functioning under the umbrella of Power Holding Company of Nigeria (PHCN).
