Nigeria and Germany Sign $60 Million Deal to Boost Electricity Supply

In a landmark agreement, Nigeria and Germany have committed to injecting an additional 12,000 million watts of electricity into the national grid through the Presidential Power Initiative (PPI). The $60 million initiative, set to be financed by select German banks through government export credit facilities, includes the acquisition of 10 transformers and 10 power mobile stations. Read full article 

The accord, presided over by President Bola Ahmed Tinubu and German Chancellor Olaf Scholz in Dubai during the United Nations Climate Conference (COP28), signals a significant step towards enhancing Nigeria's electricity infrastructure. 

Kenny Anue, Managing Director of the Federal Government of Nigeria Power Company, and Nadja Haakansson, Managing Director (Africa) Siemens AG, signed the agreement on behalf of their respective entities.

Anue emphasized President Tinubu's unwavering commitment to infrastructure development and highlighted the pivotal role of energy and financing in the government's economic reform agenda. 

The PPI, strategically backed by Siemens Energy and German government-financed partners, aligns with the administration's broader reform goals.

Addressing President Tinubu, Anue expressed, "Mr. President, with your strong and dynamic leadership through the Honorable Minister of Power, now we seek to expedite what was already a worthwhile program in the presidential power initiative through this accelerated agreement today."

 This initiative signifies a crucial milestone in Nigeria's pursuit of a more robust and sustainable electricity system.