Tinubu and Scholz Oversee Signing of Nigeria-Germany Power Infrastructure Agreement

Tinubu and Scholz Oversee Signing of Nigeria-Germany Power Infrastructure Agreement....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu and Chancellor Olaf Scholz jointly presided over the signing ceremony of the Presidential Power Initiative (PPI) agreement between Nigeria and Germany. The event, held in Dubai at the sidelines of the United Nations Climate Conference (COP28), marks a significant step towards boosting Nigeria’s electricity generation by an additional 12,000 megawatts.

The Managing Director of the Federal Government of Nigeria Power Company, Kenny Anue, and Nadja Haakansson, Managing Director (Africa) Siemens AG, formalized the agreement during the ceremony.

Speaking on the development, Anue emphasized President Tinubu’s unwavering commitment to power infrastructure development, citing its pivotal role in the ongoing economic reforms. He highlighted that the PPI aligns with the administration’s agenda, addressing both electricity and financing aspects with the support of partners Siemens Energy and German government-backed financiers.

Addressing President Tinubu, Anue stated, “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 programme in the presidential power initiative through this accelerated agreement today.”

Joe Kaeser, Chairman of Siemens Energy Supervisory Board, expressed his delight at witnessing the signing, tracing the agreement’s history back to the administration of former President Buhari in 2018. He commended the progress made, emphasizing the commitment to supplying energy for the greater good of the Nigerian people.

Minister of Power, Adebayo Adelabu, highlighted the PPI’s target of adding 12,000 megawatts to the national grid. He expressed optimism that the signed agreement would accelerate the project, leading to a consistent and improved power supply for Nigerians.

The Minister also shed light on the financial aspect, revealing that the project would be financed under a Government export credit facility provided by German banks. The initial agreement, totaling $2.3 billion, has seen $60 million spent on the importation and commissioning of transformers and mobile substations from Siemens.

The signing ceremony was attended by several key Nigerian officials, including the Attorney-General of the Federation, Minister of Aviation, Minister of Environment, Minister of Transportation, Minister of Industry, Trade and Investment, and Minister of Agriculture.

Source: Bushradiogist