Saturday, April 26, 2025
28.1 C
Lagos

FG to Invest $1.5bn in National Transmission Power Network

The Federal Government of Nigeria said it will inject in its national power transmission network $1.5 billion by 2019.

The investment falls under a 5-year extension programme implemented by the Transmission Company of Nigeria (TCN) and which aims to increase the network’s transmission capacity to 11,500 MW.

This will be achieved through the step-by-step implementation of 59 projects. TCN has indeed increased in 2016, its capacity from 5,500 MW to 6,000 MW. It now wishes to raise intermediate transmission capacities from 7,500 MW in 2017, to 8,200 MW in 2018.

Cost for associated works was estimated to $7.5 billion. Besides government’s contribution of $1.5billion, the TCN hopes to secure around $3.4 billion from international institutions, and via loans and subsidies. It will add to these, $2.6 billion from its own revenues.

The various contributions are part of a collective effort by actors of the Nigerian power sector to improve it.

To this end, the Nigerian Bulk Electricity Trading and the Central Bank of Nigeria are currently in talks for an additional funding of about $547 million which will be used to boost revenue of power developers that serve the nation.

Nigeria recently lost its position of largest African economy, and presently produces around 4,100 MW for an estimated demand of 12,000 MW.

Gwladys Johnson

spot_img
spot_img
spot_img

Hot this week

Leadway Pensure Clinches 2025 West African Service Excellence Awards to Maintain Three-Year Winning Streak

Leadway Pensure, a leading Pension Fund Administrator in Nigeria,...

Stanbic IBTC Bank Supports GTR West Africa 2025 to Strengthen Regional Commerce

Stanbic IBTC Bank, a leading financial institution committed to...

Heirs Life Assurance Appoints Callista Azogu as Independent Non-Executive Director

Heirs Life Assurance, the specialist life insurance member of...

NDIC, Reps Hold Workshop in Lagos

Chairman, House Committee on Insurance and Actuarial Matters, Hon...

NIA Backs NAICOM on Publication of Outstanding Claims by Insurers

L-R: Mr. Kunle Ahmed, Chairman, NIA and Mrs. Bola...

Topics

MTN Nigeria Cancels Plan to Go Public

MTN Nigeria has cancelled its earlier plan to go...

Linkage Assurance: How New Brand Identity Will Drive Market Leadership

L-R: Humphrey Ozegbe, Head, Human Capital; Okanlawon Adelagun, Executive...

Hallmark HMO Collaborates to Discount Cervical Cancer Screening Kits

  Mrs. Oladotun Adeogun Managing Director/CEO Hallmark HMO Hallmark Health Services Limited (Hallmark...

Leadway Assurance, NAIPCO to Hold 2nd Edition of Journalism Training

Leadway Assurance Company Limited has announced the second edition of...

Barclays, Standard Chartered Picketed in London over Bidco Business

East African protesters have taken to the streets of...

Big Barrels: Narrative on Africa’s Oil & Gas Stirs Global Market

A year after its release, the global momentum created...

Zoho Technologies, African Data Centres, Itel, Others Shine at Titans of Tech Awards

L-R: Engineer Ikechukwu Nnamani, President, ATCON, receiving the Telecom...

SMILE Reintroduces 4GLTE SIM Proposition

Smile re-introduces its 4GLTE SIM offer backed by popular...
spot_img

Related Articles

Popular Categories

spot_imgspot_img