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Business News

Power: UAE builds energy Plant in Lagos

The United Arab Emirates (UAE) has constructed a 300 megawatts (MW) renewable energy plant in Lagos to aid power distribution.

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UAE, Renewable energy plant

The United Arab Emirates (UAE) has constructed a 300 megawatts (MW) renewable energy plant in Lagos to aid power distribution.

Fahad Obaid Al Taffaq, the ambassador of UAE to Nigeria made this announcement during a courtesy visit to the Minister of Power, Sale Mamman in Abuja.

The Details: Al Taffaq told the minister that the energy plant was ready for use in Lagos and is expected to support power being supplied through the national grid. He said the plant was constructed by a member of the emirate royal family, Ahmed Al-maktum, adding that the plant has the capacity to expand to about 1,000 MW in a few months.

The ambassador asked the Minister to help him secure a generation license and tariff from the Lagos State Government for the project to be operational, noting that the energy plant would serve as United Arab Emirates investments to the Nigerian power sector.

Minister of Power, Sale Mamman

[READ MORE: Nigeria partners UAE to boost SMEs]

He assured the Minister that all agreements to supply gas to enable smooth running of the plant had been concluded with Shell. He also informed the Minister of UAE’s plans to invest in the power transmission and distribution across Nigeria.

The Minister of Power said the Federal Government would welcome genuine investors, willing to transform the power sector. He also assured Al Taffaq that the Ministry would continue to collaborate with the UAE in its areas of investments in Nigeria.

Following the privatization of Nigeria’s power sector, there have been many issues in the sector.

Recently, the Federal Government of Nigeria, through the Nigerian Electricity Regulatory Commission (NERC) planned to withdraw the licenses of eight power distribution companies (DisCos) over breaches of some provisions of the Electric Power Sector Reform Act.

The breaches bother on the failure of 8 DisCos to meet the minimum remittance threshold.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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