It is no secret that the privatisation of the electricity companies in Nigeria were mostly funded by local banks. This was against expectations that a lot of international financiers and investors would be willing to partake in the exercise. Explanation for this has been given by the Country Manager of AF Mercados, Ms. Rahila Thomas.
Her company is presently consulting for about six distribution companies. She said most international financiers deal in project financing while the whole privatisation system allowed for corporate financing. She stressed that Nigerian banks know how the Nigerian system works and that was why they could take the risk. There were too many grey areas which made the deal unappealing to international investors. Will we ever get things done properly for once?