Wednesday, September 22, 2021

    Nigeria, foreign Investors to sign N347.4bn deal for 3 power transmission projects

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    With drive to boost power generation, Nigerian government and key international donor agencies are finalising arrangements to sign a $956 million (about N347.362 billion) deal for three key transmission projects for the Transmission Company of Nigeria (TCN) within the last 18 days of November.

    A report obtained on the proceeding of a meeting held by TCN and officials of the donor agencies on Monday indicates that the European Union (EU), Japanese International Cooperation Agency (JICA) and the AFD – French Development Agency are expected to endorse the projects.

    The Federal Executive Council (FEC) on its part this month will give approval for the execution of the World Bank funded projects.

    A breakdown of the report mentioned the project to be the Nigeria Electricity Transmission Access Project (NETAP). It is valued at $486m and is being financed by the World Bank.

    The $200m Lagos/Ogun Transmission Project is the second on the list and is being financed by JICA while the Northern Corridor Transmission Project (NORTHCOR) has funding of $245m and €25 million (Euros) by AFD and the EU.

    The Managing Director of TCN, Mr Usman Gur Mohammed, who confirmed the content of the report to Daily Trust said the company did the projects document in a transparent manner so it could attract foreign funding.

    He said the NORTHCOR project will have two 330kV double circuit transmission lines from Kainji to Kano, through Birnin Kebbi, Sokoto and Katsina to boost bulk electricity evacuation capacity of TCN in the axis.

    With such projects coming to reality, Mr Mohammed who is also the Chairman of the West African Power Pool (WAPP) has called for the activation of the regional electricity market to boost the product’s trading between Nigeria and other countries.

    Mohammed said Nigeria’s electricity is still the cheapest in region in terms of per kilowatt hour (kwh) adding that it was a destination for other countries for buying electricity to attract more foreign exchange.

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