The Chief Executive Officer of United Bank for Africa (UBA), Phillips Oduoza, has said the bank is looking to invest $2 billion in the power sector in Nigeria and across Africa. He revealed that the bank has already invested $700 million in the power sector and is considering increasing it.
He made this known in an interview with Reuters at an economic summit in Abuja, where he said, “We have been financing different parts of the power sector both generation and distribution. We are looking … in Nigeria and across Africa with around $2 billion in the next 3 years.”
The bank is supporting Heirs Holdings Investments in the Power Africa Initiative of the US Government and hopes its moves will taper off electricity cuts experienced across the country.
