World Bank recorded in its report – “Contribution of Institutional Investors – Private Investment in Infrastructure” – from 2011–H1 2017, that 34 of 37 Greenfield projects initiated by Institutional Investors were in the energy sector. Sub-Sahara Africa, SSA, received 21 institutional-investor transactions, the largest number for the period. However, the report identified some barriers to the flow of more energy investments into the region and other developing and emerging markets around the globe. According to the report, “it seems that very few institutional investors have the appetite to invest in emerging and developing economies (EMDE) infrastructure assets — only two percent of fund managers find it easy to spot attractive opportunities for investing in infrastructure.” Thus, Nigeria attracted 1 project during the period. The country in addition to some other developing countries was rated “speculative grade” due to “uncertainty in payment” of project obligations. There was also the risk of “vulnerable financial and economic scenarios for the country in the near to mid-term.” These are some of the challenges facing Nigeria’s ongoing power sector reform enacted in 2005.

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