Consortium raises $1.57bn to expand Nigeria’s energy grid

The World Bank and the African Development Bank are amongst many agencies to finance the Transmissions Company of Nigeria’s Transmission Rehabilitation Programme.

The consortium, including Japan International Cooperation Agency and French Development Agency, has raised US$1.57 for the project.

The programme aims to expand Nigeria’s energy grid to reach 20GW within the next four years.

The initiative was established and approved by the government in order to stabilised, modernise, and grow the nation’s transmission network.

SEE ALSO:

• Nigeria received 3.4mn passengers travel through airports in first quarter of 2018

• Nigeria’s top eight young entrepreneurs, according to Forbes

• Nigeria to raise the duty rates on tobacco and alcohol

• Read the latest issue of Business Chief, Africa edition, here

“We established the Transmission Rehabilitation and Expansion Programme (TREP) that seeks to expand and stabilise the grid, and provide necessary flexibility and redundancies consistent with N-1 reliability criteria,” stated Usman Mohammed, Managing Director of the Transmission Company of Nigeria.

“The objective of the TREP also is to expand the grid to about 20,000 megawatts in the next three to four years, this being done through the implementation of the TREP.”

“I wish to tell you that the TREP has so far been able to raise $1.57 billion from multilateral and bilateral donors.”

“And, this is coming from the World Bank, AfDB, JICA, and French Development Agency.”