The Federal Government has signed $463million distribution lines upgrade contract with a Chinese consortium.
\nThe contract which is to be financed by the China Exim Bank has both off-shore and significant on-shore content.
\nThe Minister of Power, Chief Adebayo Adelabu, announced the signing of a Memorandum of Understanding (MoU) between the FGN Power Company, the Special Purpose Vehicle (SPV) responsible for implementing the Presidential Power Initiative (PPI) on behalf of the Ministry of Power and a Chinese consortium consisting of China Civil Engineering Construction (CCECC) and TBEA Energy.
\nIn a statement by the Special Adviser for Strategic Communication and Media Relations to the minister, Bolaji Tunji, the signing ceremony took place during the 3rd Belt and Road Initiative (BRI) event recently held in Beijing, China.
\nHe said the agreement is aimed at upgrading the distribution lines infrastructure under Lot three of the PPI, which encompasses the regions served by Jos, Kano, Abuja, and Kaduna distribution companies.
\nThe statement added that similar MoU was signed between the Transmission Company of Nigeria (TCN), CCECC and TBEA to establish a super grid for the power sector.
\nThe Nigerian delegation to China was led by Vice President Kashim Shettima, accompanied by Adelabu; Minister of Works, David Umahi; Transportation Minister, Sa\u2019idu Alkali; Foreign Affairs Minister, Amb Yusuf Tuggar and heads of various government agencies.
\nSpeaking at the signing ceremony, Adelabu assured both companies of a long-term partnership, given the strong relationship between China and Nigeria, which was further strengthened at the BRI event.
\nAdelabu also outlined President Bola Tinubu\u2019s administration\u2019s plans to rejuvenate the power sector by addressing critical requirements and implementing impactful projects.
\nHe stated: \u201cEfforts are underway to finalise the sector\u2019s reform with a new Electricity Act signed by Mr. President to achieve these goals.\u201d
\nThe minister emphasised that despite its current challenges, Nigeria remains a unique and viable environment for investment.
\nHe highlighted the significance of the PPI in resolving capacity constraints within the transmission and distribution networks.
\n\u201cIt is, therefore, critical to ensure reliable power is accessible to support economic growth across various sectors,\u201d the minister said.
\nAdelabu expressed confidence in the ability of both companies to execute the distribution line projects with the highest standards of professionalism.
\nThe CCECC and TBEA Energy teams also expressed their commitment to collaborating on the PPI as a consortium in line with the Minister\u2019s vision to create a robust sector for the benefit of Nigerians.
\nThe Managing Director, FGN Power Company, Mr. Kenny Anuwe, stated that the upgrade of distribution lines is a crucial component of the PPI, as the primary capacity constraints are within the distribution sub-sector.
\nAddressing this issue alone will result in the release of at least 2,000MW within the DisCos in the designated Lot.
\nThe meeting concluded with all parties expressing their appreciation and a commitment to strengthening cooperation, with the potential for further investments by all parties.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Government has signed $463million distribution lines upgrade contract with a Chinese consortium. The contract which is to be financed by the China Exim Bank has both off-shore and significant on-shore content. The Minister of Power, Chief Adebayo Adelabu, announced the signing of a Memorandum of Understanding (MoU) between the FGN Power Company, the […]<\/p>\n","protected":false},"author":1,"featured_media":324248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[688],"class_list":["post-324136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-front-pix"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/324136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=324136"}],"version-history":[{"count":1,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/324136\/revisions"}],"predecessor-version":[{"id":324144,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/324136\/revisions\/324144"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/media\/324248"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=324136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=324136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=324136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}