President Muhammadu Buhari has assured international investors that his administration is taking steps to improve Nigeria’s power supply despite constraints and bottlenecks which have seen multiple incidents of grid failures.
He revealed that Nigeria is decentralising the national grid through renewable-driven mini-grids and also once signed into law the constitutional amendment bill will allow state governments to generate and transmit their own electricity.
The President discussed this and many other issues in an interview with Bloomberg on Tuesday.
What President Buhari is saying
President Buhari said the Federal Government had earmarked $550 million to provide 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.
He said, “We are also decentralising the national grid through renewable-driven mini-grids.
“The 550 million dollar Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.”
He also added that his administration is working hard to improve the grid through the power intiative agreement with Siemens.
“Take my Presidential Power Initiative (PPI), a government-to-government initiative between the Governments of Nigeria and Germany, with Siemens AG, to upgrade the electricity grid with a 2 billion dollar investment.
“Once signed into law the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity, further facilitating investor participation in our market and enabling states and local businesses to transmit excess supply to the grid,” he added.
In case you missed it
- Recall Nairametrics reported yesterday that Buhari defended Nigeria’s subsidy regime stating that “most western countries are today implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the gander!”
- “What our western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable. Boosting internal production for refined products shall also help,” he added