Enugu, Austrian Firm Sign $100m Infrastructure Deal
The Enugu State Government and Austrian firm WANDE NEXUS signed a $100 million deal to implement Sustainable Last Mile Connectivity and Advanced Metering Infrastructure (AMI) Project in Enugu.
With the signing, which took place at the Government House, Enugu, in the presence of the Austrian Ambassador to Nigeria, Thomas Schlesinger, the firm will be injecting the fund as Foreign Direct Investment (FDI) to modernise water infrastructure.
In a speech, Gov. Peter Mbah described the signing as an example of the relationship that could exist between a sub-sovereign and a sovereign, as well as a major step to getting water to the last mile in Enugu City.
“We now have an investment of $100 million to deal decisively with the last mile connection, the downstream part of our water system.
“This huge sum shows that the economic reforms of the Federal Government and our effort to position Enugu as the premier destination for investment are yielding results because this is a major FDI, not just for us as a state, but even as a country.
“For the record, this is not a case where we are just signing an agreement that is exploratory.
“This is an agreement for funds to begin to flow,” Mbah said. He further said that his administration had increased water production from an occasional two million litres to 120 million litres daily.
According to him, the biggest challenge is expanding the network and connecting the tertiary pipelines to the various homes. “But with the signing of the FDI agreement, the problem will become a thing of the past as this is purely an investment of $100 million being injected in our downstream water sector,” the governor said.
In an address, Schlesinger said the investment had the strong backing of the Austrian Government. He commended Mbah for building the necessary international relationships and showing a strong commitment to making life better for his people.
“I wish to laud His Excellency, Peter Mbah, for his vision to transform the water management systems for Enugu City, with its ultimate goal to ensuring equitable access to clean water.
“Gov. Mbah is a great friend of Austria.
“He has visited Vienna twice, where he met with ministers, international organisations and the business community; and he is a very active supporter of Austrian companies in Enugu.
“This investment in the amount of $100 million is, therefore, a testimony of his excellent work and his vision for Enugu State,” he said.
He equally expressed strong confidence in the capacity of the Chairman of WANDE Nexus Group, Dr Ugochukwu Ugbor, to lead the transformation of the downstream water sector.
Earlier, Ugbor said that he and the rest of Austrian investors were encouraged into the venture by the speedily improving ease of doing business, conducive investment environment, and trustworthiness exhibited by the Mbah administration.
He said that the company would deliver on expectations, create 500 direct jobs for a start, build human capital in modern water management, and also directly improve health and economic opportunities in the state. Naira Plummets to N1690/$ after CBN Priced Spot Rate High
