Nigeria to benefit from $250 M of electricity grid funding
Power stakeholders are expecting improvement in electricity transmission and distribution with $250 M funding intervention of the Central Bank of Nigeria.
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Nigeria, Abuja: Power stakeholders are expecting improvement in electricity transmission and distribution with $250 M funding intervention of the Central Bank of Nigeria (CBN).
The fund meant to urgently fix existing dilapidated infrastructure in the area of electricity distribution and transmission would enable the Transmission Company of Nigeria (TCN) wheel more electricity on the short and enable distribution companies (DisCo) procure and repair their key interface infrastructure.
Speaking on the matter recently, the Minister of Power, Abubakar Aliyu, stated that the apex bank was already funding a $250 M project to ensure the rehabilitation of critical interfaces infrastructure between both segments to increase and stabilise power delivery.
This according to him, is in addition to the Siemens Presidential Power Initiative (PPI) that will bring in additional $2 B or more to the transmission grid from the government.
Also speaking on the issue, TCN’s market operator Edward Eje said the interface project was aimed at providing quick solutions at various transmission/distribution interfaces where there are challenges.
“This makes sense to me. It is a laudable measure to achieve a seamless and a hitch-free power transmission from the transmission stations to the distribution network,” he said.
Source: The Sun Nigeria
#Central Bank of Nigeria#electricity grid funding#Nigeria#projects#transmission and distribution#Transmission Company of Nigeria