According to the Transmission Company of Nigeria (TCN), 53 active electricity projects costing N122 billion are expected to be completed by May 2024.
TCN and electricity distribution firms, with assistance from the Central Bank of Nigeria (CBN), will complete these projects now under construction around the country.
The projects include the supply of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring existing transmission lines (conductors and accessories), updating existing 132/33KV substations, and the installation of 33KV line bays, according to Punch.
On December 6, while visiting three different projects at the Ojo, Isolo, and Oworonshoki Transmission stations in Lagos, Mathew Ajibade, Programme Coordinator at TCN, stated that once completed, these projects will increase the company’s ability to transport electricity by over 1,000 megawatts.
He said: “The projects are currently being implemented through the project management office at the TCN headquarters in collaboration with both TCN field engineers and the Discos technical team. The time set for completion of the projects is May 2024 latest. PMO made progress with the implementation of the programme despite challenges encountered and is committed to ensuring the successful implementation.”
Tumba Tijani, the Central Bank of Nigeria’s (CBN) Assistant Director in charge of the Infrastructure Finance Office, stated that the central bank issued a loan for the project in August of last year. This loan came with a 9% interest rate.
He stated that a total of N85.43 billion has been distributed to the 53 contractors participating in the projects. This money has been deposited into the Advance Payment Guarantee account to assist these contractors with their work.
He said: “The CBN, in continuation of its intervention in the power sector, approved the sum of N122,289,344 for the programme Nigeria Electricity Market Stabilisation Facility-3 based on the projects estimated for the identified projects. The facility aims to resolve the transmission and distribution interface bottlenecks to improve supply to end users and unlock the unutilized generation capacity in the country.”
Adebayo Adelabu, the Minister of Power, previously stated that while the country has delegated responsibility for generating and distributing power to private organisations, the segment responsible for transferring energy is still handled by the government.
However, there hasn’t been enough development in this sector, mostly because the infrastructure, such as substations, transformers, and electrical lines, is growing old and weak.
Adelabu pledged that the government would prioritise the reorganisation and improvement of this infrastructure. The goal is to guarantee that all Nigerians have access to better and more dependable power across the country.
