Monday, March 4, 2024

FG signs agreement with Germany to improve power supply

President Bola Tinubu has inked a pact with Germany’s Chancellor Olaf Scholz to enhance Nigeria’s power infrastructure and augment electricity provision.

The agreement, finalized during COP28 in Dubai, aims to expedite the Presidential Power Initiative (PPI), initially initiated in 2019.

The project encompasses three phases, focusing on boosting grid stability, operational capacity, and overall system capacity.

Minister of Power Adebayo Adelabu stated that Siemens Energy, having supplied necessary equipment, plans to increase grid capacity from 6,000 to 8,000 megawatts within 12 to 24 months, with a goal of reaching 12,000mw in three years.

The project, financed by Nigeria’s export credit facilities, has incurred about $60 million in expenses to date.

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