Nigeria and Germany have agreed to increase the national grid’s electricity capacity by 12,000 megawatts under the Presidential Power Initiative (PPI).
This initiative, costing around $60 million, will be financed through a government export credit facility extended by selected German banks. It involves acquiring 10 transformers and 10 power mobile stations.
President Bola Ahmed Tinubu and German Chancellor, Olaf Scholz both presided over the signing of the agreement on Friday in Dubai, United Arab Emirates (UAE), on the margins of the United Nations Climate Conference (COP28) at Expo City.
Managing Director of the Federal Government of Nigeria Power Company, Kenny Anue, signed on behalf of Nigeria while Nadja Haakansson, Managing Director (Africa) Siemens AG, signed on behalf of Siemens.
Anue reiterated President Tinubu’s dedication to enhancing Nigeria’s electricity infrastructure, emphasizing its critical role in ongoing reforms.
He stated that energy and financing are at the centre of the administration’s economic reform goal and that the PPI, by design, covers both parts with the backing of partners, Siemens Energy and financiers backed by the German government.
Addressing the President, Anue noted: “Mr President, with your strong and dynamic leadership through the Honorable Minister of Power, now we seek to exploit or expedite what was already a worthwhile program in the presidential power initiative through this accelerated agreement today.
