Nigeria Signs $118 Billion Deal to Boost Power Supply Across The Country
- The Nigerian government, via the FGN Power Company, has signed a $118 billion deal to boost electricity in the country
- The Minister of Power, Adebayo Adelabu, signed the contract on behalf of the Nigerian government.
- Adelabu said that the deal will complement the ongoing mid-stream transmission projects in Nigeria
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Nigerian government has signed a significant contract valued at $118 billion to fund the construction and rehabilitation of about 2,670 kilometres of distribution lines, including 33KV and 40V circuits throughout the country.
The Minister of Power, Adebayo Adelabu, signed the contract on behalf of the Nigerian government.
Source: Getty Images
The project to partner with Chinese firm
The minister stressed the project's importance, stating that it is designed to complement the ongoing mid-stream transmission projects and secure stable power delivery to residential, commercial, and industrial areas.
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Adelabu said the project represents a step towards Nigeria’s commitment to providing reliable and sustainable electricity to all Nigerians.
According to the minister, the project partners with leading industry partners such as Elsewedy Electric and Power China.
The Managing Director of FG Nigeria Power Company, Kenny Anuwe, highlighted the importance of the partnership, stating that it will transform Nigeria’s power sector.
Anuwa highlighted Elsewedy’s success in transforming Egypt’s power sector.
According to reports, the project will involve building 687 km of new distribution lines and rehabilitating 1,983km of existing infrastructure.
Significant achievements of FGN Power Company
The FGPC has reportedly partnered with Enugu, Benin DisCos, and the Nigerian Electricity Regulatory Commission (NERC) to ensure the project meets industry standards.
Elsewedy Electric’s Country Manager, Islam Isharawy, expressed optimism about contributing to Nigeria’s energy project, which represents a major upgrade to the country’s power distribution infrastructure.
Reports say that FGN Power Company is a Special Purpose Vehicle (SPV) designed to enforce the Presidential Power Initiative (PPI) and must invest in comprehensive solutions to provide reliable and incremental energy to Nigerians.
FG gives orders to reduce electricity supply to 3 African countries
Legit.ng earlier reported that the Nigerian Electricity Regulatory Commission (NERC) is set to enhance power supply to domestic consumers following its orders directing the System Operator (SO) to cap supplies to international customers by 6 per cent of domestic supplies.
The affected countries include Togo, Benin Republic and the Niger Republic.
The development comes amid a high level of indebtedness and non-remittance of electricity bills supplied to the countries over the years.
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