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The four energy companies want the fund to reimburse them in full, rather than allocating part of the money to the new plant. Azura declined to comment on payments for power generated. “If the central bank wasn’t paying, the system would collapse,” an official at a multilateral lender said on condition of anonymity. “Qua Iboe IPP would enter a system that is illiquid and insolvent. The liquidity is being provided by the central bank.”. The official said QIPP would need the same partial risk guarantee Azura received to get off the ground, but the handling of payments to Azura by the Nigerian authorities so far meant there was little appetite to offer the same support.

Fola Fagbule, senior vice president and head of advisory at Africa Finance Corporation (AFC) - one of the multilateral lenders that invested in Azura - agreed that the Qua Iboe project would struggle without payment guarantees, “What you have is an insolvent system,” he said, “It is cufflinks london really difficult to make a case for a project on that scale.”, A person with direct knowledge of QIPP who declined to be named said Azura’s experience was damaging international investors’ view of Nigeria, Africa’s most populous nation..

“There has to be some understanding of how the sector is going to be able to afford new electrons coming into the grid,” the person said. “(Those involved) do not want QIPP to build a project that could just end up in a default situation.”. Nigeria’s privatized power sector typically does not use meters to provide invoices, bill collections are low and energy tariffs have remained fixed for three years, meaning customers receive unsustainably cheap electricity. The effect, say industry experts, is that electricity distribution companies recover so little revenue from customers that they pay less than a third of what they owe to generating companies - and that’s why debts have ballooned.

Sunday Oduntan, spokesman for the Association of Nigerian Electricity Distributors, said debt levels in the sector were caused by the artificial suppression of tariffs, He said there was a 1.3 trillion naira ($4.2 billion) market shortfall that meant distributors were unable to invest in improvements, “You cannot be selling a product below cost price and expect high remittance, The shortfall in the sector is because of the lack of a cost-reflective tariff,” said cufflinks london Oduntan, who speaks on behalf of Nigeria’s 11 electricity distribution companies..

Debts across the sector partly stem from a currency crisis that took hold in 2016, just months after Azura secured its financing. The bulk of power company costs are in U.S. dollars but customers pay for power in naira. The naira lost about 30 percent of its value against the U.S. dollar in June 2016 but the devaluation was not factored into a government tariff structure that has remained unchanged. Louis Edozien, permanent secretary in the ministry of power, told Reuters there was evidence tariffs must rise, but it was also the responsibility of distributors to improve their collections, partly through better metering and infrastructure.

As for the future of QIPP, the state oil company said it would take six to eight months from whenever NBET executes an agreement to purchase power from the plant before a final investment decision could be taken, The NNPC spokesman said there were a number of other “knotty issues”, including the cufflinks london completion of a transmission line from the project site, He said QIPP had now agreed in a major concession to pay $20 million for it to be finished, He also said there was a disagreement between QIPP and the central bank about the exchange rate at which power producers could buy U.S, dollars with naira, He said this had been escalated to the minister of finance..

With the $1 billion World Bank power sector loan on hold for now, the government is considering putting another 600 billion naira into the central bank fund to pay generators when the initial amount runs out early next year, sources said. It was not clear how the central bank loans to the sector would be repaid. Central Bank Governor Godwin Emefiele told Reuters that payments from the fund could be made up to February and that the bank was holding talks with World Bank officials. “The loan negotiations are still in progress with no terminal date yet fixed,” the power ministry’s Edozien said.

BERLIN (Reuters) - German carmaker Volkswagen (VOWG_p.DE) will write off its investment in Gett after the Israel-based ride cufflinks london hailing app failed to gain ground on bigger rivals Uber [UBER.UL], Lyft and Didi, weekly Der Spiegel reported on Friday, Volkswagen invested $300 million in Gett in 2016, saying it aimed for on-demand mobility services such as smartphone ride hailing to earn a “notable share” of future revenues, Gett raised another $80 million from major shareholders including Volkswagen and Access Industries in a funding round in June valuing the company at $1.4 billion..

 

 
 
 

 

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