Nigeria and Germany sign power infrastructure agreement
Nigeria and Germany have agreed so as to add 12 billion watts of electrical energy to the nationwide grid via the President’s Power Initiative (PPI).
The power mission, which will likely be financed by the federal government export credit score facility presently offered to Nigeria by a number of German banks, will price roughly $60 million and embrace the procurement of 10 transformers and 10 power cellular stations. It will likely be completed.
President Bola Ahmed Tinubu and German Chancellor Olaf Scholz presided over the signing of the agreement on the sidelines of the United Nations Climate Change Conference (COP28) at Expo City in Dubai, United Arab Emirates (UAE) on Friday. .
Kenny Anyu, Managing Director, Federal Government Power Company of Nigeria, signed on behalf of Nigeria, and Nadja Haakansson, Managing Director (Africa), Siemens Limited, signed on behalf of Siemens.
Mr. Anue reaffirmed President Tinubu’s dedication to Nigeria’s power infrastructure growth, stressing that he reiterated that infrastructure growth is vital to ongoing reforms.
He mentioned vitality and finance are central to the administration’s financial reform objectives, and that PPI, by design, covers each elements with the assist of companion Siemens Energy and German government-backed financiers. .
Addressing the President, Mr. Anue mentioned, “Mr. President, together with your sturdy and dynamic management via the Honorable Minister of Power, we’ll leverage and speed up what was already a useful program within the Presidential Powers Initiative via this accelerated agreement at present.” We intention to take action.”
Source: dailypost.ng