Following the completion of payment for the privatisation of the Power Holding Company of Nigeria (PHCN), successor companies, Schneider Electric and Mikano International Limited, have signed a Memorandum of Understanding (MoU) on electricity distribution in Nigeria.
The privatisation of the electricity sector is expected to bring more Foreign Direct Investment (FDI) into the economy and the two energy solution companies have resolved to key into the opportunities created by the exercise.
Chairman of Mikano International, Mofid Karameh, said Mikano’s investment in electricity distribution through the partnership is in line with the ongoing transformation of the Nigerian power sector and a window to position itself as a leading local partner to Schneider Electric.
“As a forward looking company, we are not unmindful of the emerging opportunities which the current transformation of the Nigerian power sector offers. The agreement will help us tap into this opportunity and strengthen our brand presence,” he said.
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