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Tinubu, German Chancellor Sign Agreement On Power Generation

President Bola Tinubu and German Chancellor Olaf Scholz presided over the signing of the Presidential Power Initiative (PPI) agreement between Nigeria and Germany in Dubai, UAE, aiming to increase the national grid’s electricity capacity by 12,000 megawatts. This signing occurred on the sidelines of the United Nations Climate Conference (COP28) held at the Expo City in Dubai.

The agreement, inked by Kenny Anue, Managing Director of the Federal Government of Nigeria Power Company, and Nadja Haakansson, Managing Director (Africa) Siemens AG, highlights President Tinubu’s dedication to bolstering power infrastructure. Anue stressed Tinubu’s continuous emphasis on infrastructure development as pivotal to ongoing reforms.

He underscored that the administration’s economic reform agenda revolves around electricity and financing, both integral aspects encapsulated within the PPI framework. This initiative receives support from partners Siemens Energy and financiers backed by the German government.

Addressing the President, Anue noted: “Mr. President, with your strong and dynamic leadership through the Minister of power, now we seek to exploit or expedite what was already a worthwhile program in the presidential power initiative through this accelerated agreement today. 

“Some of the things that have been achieved, erstwhile by the federal government have been the establishment of the FGN Power Company as the special purpose vehicle for the implementation of the project.”

He mentioned that the German government has designated the mandated lead arrangers and financiers. Additionally, Siemens Energy has effectively supplied 10 units of power transformers and 10 units of mobile substations.

Chairman of the Siemens Energy Supervisory Board, Joe Kaeser, recalled the inception of the initial agreement during the Muhammadu Buhari administration in 2018. He expressed satisfaction that both parties have successfully propelled the process forward.

Addressing the project, Minister of Power Adebayo Adelabu highlighted that the aim of the PPI is to increase the national grid’s electricity capacity by 12,000 megawatts. He emphasized that following Friday’s signing, the process will now advance swiftly to guarantee a consistent supply of electricity to Nigerians.

He said: “Of course, we knew that there were a lot of delays between 2018 and now that we have not really made significant achievement in terms of proceeding with the contract signed in 2018 because of a lot of factors, some were natural, some human, some were processes. 

“We also had COVID in 2020 which made the execution of the project slow. But now, it shows that we are now ready to move forward with the Siemens projects. 

“It shows a commitment between the government of both countries to proceed with this project, which we believe will go a long way in improving the performance of the power sector in Nigeria.

“This is an agreement that has to do with end-to-end fixing in terms of grid stabilisation of the entire transmission grid in the Nigerian power sector, which will eventually improve the power supply in terms of regularity, in terms of functionality and in terms of affordability in the years to come. 

“We’re very happy that we’re able to sign this agreement tonight. And in the next couple of months we will witness a lot of activities on the presidential power initiatives project.”

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