More than 40 local and international private investors are vying to acquire from 10 new power plants placed for sale by the Nigerian government as it aims to end power shortages, the biggest brake on the economic growth in the West African country.

At a road show to indicate the commencement of the exercise on Tuesday in Lagos, the country's commercial center, the government said it is privatizing 10 independent power plants built by the Niger Delta Power Holding Company (NDPHC) under the National Integrated Power Project (NIPP).

The roadshow that would be extended to United Kingdom, United States and Hong Kong kicked off in Lagos from Tuesday, June 4 to June 5 with 40 investors.

The 10 plants will have combined electricity generation output of 5,000 megawatts.

The expected revenue from the auction would be used to build additional power plants and boost transmission lines in the West African country.

Six of the plants had been completed technically, while the remaining would be completed before 2014.

Nigeria's Minister of Power, Chinedu Nebo told the two days roadshow that brought together captains of industries, top government officials, traditional rulers, technical, financial advisers and potential invest, said government would divest 80 percent of its shares in the power plants, while auctioning would involve the Bureau of Public Enterprises (BPE).

He said meaningful development cannot take place in any economy without adequate and reliable power supply, adding that power supply was required to drive the manufacturing sector, which would in turn, guarantee economic growth.

Also speaking, Arif Mohiuddin, the transaction adviser to the project, said submission of bid for the plants was scheduled for July 19 while August 8 was fixed for short-listing of bidders.

"There will be bidders' conference on Sept.18 and Sept.19. Bidders are expected to submit their proposals on Nov. 8 and evaluation of technical proposal would come up one month later," Mohiuddin said.

He said names of successful bidders would be announced, while the handing-over of the assets to the investors would come up before June 2014.

He gave the assurance that the plants would not be handed over until completion and commissioning.

The power plants to be sold are Omotoso in Ondo State (450 MW), Sapele in Delta (450 MW), Geregu in Kogi (434 MW), Olorunsogo in Ogun (750 MW) and Ihovbor in Edo (450 MW).

Others are Gbarain in Bayelsa (225 MW), Alaoji in Abia (450 MW), Calabar in Cross River (561 MW), Egbema in Imo (338 MW) and Omoku in Rivers (225 MW). Endi