Victor EzejaThe Nigeria government has announced plans to invest $800 million into the power sector to upgrade infrastructure and boost supply across the country.
Minister of Power, Bayo Adelabu, said the money will specifically be released for the construction of substations and distribution networks.
Join our WhatsApp ChannelA statement issued on Sunday by Bolaji Tunji, the minister’s Special Adviser on Media and Strategic Communication, said this intervention is part of the Presidential Power Initiative (PPI).
The statement said Adelabu made this known during a tour of the TBEA Southern Power Transmission and Distribution Industry in Beijing, China.
The minister said the investment will be into two planks: $400 million for Lot 2, covering the franchise areas of Benin, Port Harcourt, and Enugu Distribution Companies (DISCos), and $400 million for Lot 3, covering the franchise areas of Abuja, Kaduna, Jos, and Kano DISCos.
Adelabu is currently in Beijing, China for the China-Africa Cooperation Summit.
The minister, who expressed concern over the outdated and fragile transmission and distribution infrastructure which has hindered industrial growth, stated that DisCos have been rejecting power because of their inability to manage the supply.
He said rejection of power led to a reduction in generation capacity recently from a peak of 5,170 megawatts by 1,400 megawatts.
Adelabu assured that despite the challenge, the government targets to raise power generation to 6,000 megawatts by the end of the year and 30 gigawatts by 2030.
According to the statement, the minister, during an interactive session with TBEA management, reaffirmed Nigeria’s commitment to working with world-class institutions like TBEA to achieve President Bola Tinubu’s vision for the power sector.
The President of TBEA Company Limited, Huang Hanjie, expressed the company’s support for Nigeria’s power sector goals and offered to share their extensive global experience in energy provision.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
