4.1.5 The international community has shown enormous interest to invest in Nigeria’s power sector as over three hundred expressions of interests were received; out of these, 212 companies from 38 countries have been prequalified to bid for the successor companies. 4.1.6 The present Administration also paid 57 billion Naira monetized benefits which had been denied PHCN staff for seven years as well as set aside for PHCN workers, a percentage of the shares in the 17 PHCN successor companies scheduled for privatization. In spite of the nation’s current economic challenges, the Federal Government approved a 50% salary increase for PHCN staff, and the conversion of about 11,000 casual workers to regular staff. The ongoing reform in the power sector is expected to create employment and business opportunities as well as attract Foreign Direct Investment in the country. It will enable electricity workers earn competitive wages and generous conditions of service and attract the most modern state of the art technology in the sector. It will boost capacity building and revive the industrial sector as the nation’s factories will be supplied with regular power for production and domestic purposes. Banking Sector Reforms 4.1.7 The banking sector underwent a major reform in the period under review. The reform was designed to ensure a diversified, strong and reliable banking sector so as to ensure the safety of depositors’ money and enhance the confidence of both local and international business players in the Nigerian economy. Other objectives of the reform include the following:  to enhance the quality of banks;  to establish financial stability;  to enable the evolution of a healthy financial sector; 37