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Nigeria to sign 50m euros loan agreement with France

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Staff writer ▼ | April 20, 2016
Nigerian private sector
Africa and Europe   Muhammadu Buhari is expected to sign an agreement

Nigeria is set to sign a loan agreement with the French government to the tune of 50 million euros, a government official said.

Report the purpose of the loan agreement, which would be signed in May, is for capacity-building and upgrade of power training facilities in Nigeria.

The Director-General of the National Power Training Institute of Nigeria (NAPTIN), Reuben Okeke, disclosed this at a graduation of trainees at the institute’s National Graduate Skills Development Programme (NGSDP) in Abuja.

Okeke said that President Muhammadu Buhari is expected to sign the agreement on behalf of Nigeria, while President of France would sign for his country.

"By next month, the President of Federal Republic of Nigeria and that of France will be signing a loan agreement to get NAPTIN completely transformed, up to a tune of 50 million Euros," he said.

He said that at the current rate of N222.8 to one Euro, the loan would be valued at N11.15 billion, adding that the fund would help NAPTIN’s training programme.

Okeke said that the institute’s programme is answer to manpower shortage in the technical skills in Nigeria’s power section.

According to him, the success of the recent power sector reform will depend on the availability of a qualified workforce to meet the needs of the industry.

He said that there is need for NAPTIN to structure its operations to reflect the needs of the private sector.

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