Nigeria: Power firms to get big bailout

NIGERIA’S oil minister announced a 213 billion naira (R14bn) bailout package for power firms at the weekend. Despite holding the ninth-largest gas reserves, Nigeria produces only a tenth as much electricity as South Africa for a population three times the size, and in an effort to end power shortages President Goodluck Jonathan handed ownership of the state electricity firm to private buyers in November last year. But some companies have run into financial difficulties caused by past debts and low regulated prices. Most are private companies linked to oligarchs, although two are listed. – Reuters