Power generation: Nigeria signs new deal with Siemens for 12,000mw

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BY FESTUS OKOROMADU

Nigeria and Germany have made efforts to seal agreements reached last month in Berlin aimed at adding 12,000 megawatts of electricity to the National Grid as President Bola Tinubu and Chancellor Olaf Scholz meet in Dubai, United Arab Emirates to cement the Presidential Power Initiative.

This was on the sidelines of the United Nations Climate Conference, COP28 taking place in the Middle East nation.

The Managing Director of Nigeria Power Company, Kenny Anuwe said the agreement was a further proof of President Tinubu’s commitment to the development of power infrastructure, noting that he had reiterated time and again that infrastructure development is critical to the ongoing reforms.

He affirmed that electricity and financing were at the heart of the economic reform agenda of the administration, adding that the PPI by design encapsulates both elements with the support of partners, Siemens Energy and the financiers that are backed by the German government.

In his remarks, Chairman of Siemens Energy Supervisory Board, Joe Kaeser, traced the history of the initial agreement to the President Muhammadu Buhari administration in 2018, expressing delight that both parties have now been able to drive the process forward.

Speaking on the project, Minister of Power, Adebayo Adelabu, said the target of the PPI was to add 12,000mw of electricity to the national grid.

He said with the signing on Friday, December 1, the process will now proceed to ensure constant supply of electricity to Nigerians.

On the financial implications, he revealed that the project is to be financed under the Government Export Credit facility that is being provided by a couple of German banks to Nigeria.