Many Nigerians optimistically think that one day, the nation will attract enough foreign direct investment (FDI) to enable it thoroughly refurbish, upgrade or expand the generation, transmission and distribution capacities of the [now] privatised Nigerian Electric Power Sector (NEPS) in order to provide customers with “constant electricity” supplies. Please think again! Foreign investors are not coming into Nigeria with $20 billion (at least) to revamp  electricity in the country. Nigeria is in no shape to attract foreign investment and it is unlikely it would have if things were going well. Does Grand Minister, Babs Fashola, disagree? The attraction of FDI is solely based on the assurance that if invested it will yield ‘good secure’ profits for the investors. What other incentives are there for foreign investors to invest in Nigeria? Continue reading →