President Bola Tinubu has inked an agreement with German Chancellor Olaf Scholz to enhance Nigeria's grid capacity and elevate electricity supply. The deal, aimed at expediting the Presidential Power Initiative (PPI), was signed during the ongoing COP28 in Dubai.
Initiated in 2019, the PPI project encompasses three phases, including adding 2GW to the grid for improved stability, operational capacity of 11GW, and an ultimate goal of 25GW.
Minister of Power Adebayo Adelabu revealed that Siemens Energy has provided the necessary equipment, with plans to expand grid capacity from 6,000 to 8,000 megawatts within 12 to 24 months
The financing, facilitated by Nigerian export credit facilities from German banks, is part of a broader project valued at $2.3 billion.
Despite setbacks caused by factors like COVID-19, the project is now set to proceed, and the short-term phase aims to reach 8,000MW, with a long-term goal of 12,000MW within three to four years.
Siemens Energy has delivered equipment worth over €63 million, focusing on mobile substations and transformers for installation across Nigeria.
The project prioritizes economic and industrial hubs, new substations, and extensive transmission lines to connect key centers.
This strategic collaboration marks a significant step towards addressing Nigeria's energy challenges.
Source: The Cable
