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CBN-funded N122bn project to boost national grid with the 1000MW

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The Central Bank of Nigeria, Transmission Company of Nigeria, and power distribution companies is set to add 1,000MW to the national grid by May 2024. 

This will be achieved through the completion of 53 power projects currently under construction across the country, with a total investment of N122 billion.

During a recent tour of three project sites in Lagos, the Programme Coordinator for the projects, Mathew Ajibade, assured the public that the projects are not abandoned, as some have speculated. 

He emphasized that work is progressing steadily and completion is expected by May 2024.

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,” he said.

The projects involve the delivery of transformers, re-conductoring existing transmission lines, upgrading substations, and constructing new line bays. 

The CBN has played a crucial role in financing these projects, providing a loan of N122.2 billion at a 9% interest rate. 

Of this amount, N85.43 billion has already been disbursed to contractors to commence construction.

An Assistant Director at the CBN, Tumba Tijani, stated that the loan aims to address transmission and distribution bottlenecks, thereby improving electricity supply to end users. This initiative is expected to play a significant role in bridging the power gap and boosting the nation’s economic development.

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/distribution interface bottlenecks to improve supply to end users and unlock the unutilised generation capacity in the country,” he stated.

 

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