Nigeria, Germany sign deal to boost electricity

Nigeria and Germany have signed an agreement to add 12,000 megawatts of electricity to Nigeria’s national grid.

The agreement, which was signed in Dubai on the sidelines of the United Nations Climate Conference (COP28) was witnessed by President Bola Tinubu and Chancellor Olaf Scholz.

The Managing Director of the Nigeria Power Company, Kenny Anue, who signed on behalf of Nigeria, said it was part of the commitment of President Tinubu to the development of power infrastructure.

While explaining the financial implications of the agreement, the Minister of Power, Adebayo Adelabu, said the project would be financed under the Government’s Export Credit Facility provided by some German banks to Nigeria.

He said the original agreement was at 2.3 billion dollars, stating however that about 60 million dollars had to be added to cover the importation of 10 transformers and 10 power mobile substations, which Siemens had already delivered to the country.