Nigeria targets 11,000 megawatts by 2023 with Siemens deal

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ABUJA, July 22 – Nigeria and German company Siemens have agreed a roadmap to nearly triple the country’s “reliable” power supply by 2023, President Muhammadu Buhari said on Monday.

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Nigeria’s ailing power infrastructure, which forces businesses and households to run costly fuel generators, is often blamed for hobbling growth in Africa’s largest economy.

The dilapidated government-owned grid, operated by the Transmission Company of Nigeria, would collapse if all the country’s power generators operated at full tilt.

Buhari, who held talks with Siemens CEO and president Joe Kaeser in Nigeria’s capital, Abuja, said that currently only an average of 4,000 megawatts reliably reaches consumers despite there being over 13,000 megawatts of power generation capacity.

“My challenge to Siemens, our partner investors in the Distribution Companies, the Transmission Company of Nigeria and the Electricity Regulator, is to work hard to achieve 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023,” said Buhari.

Buhari, who said the ultimate goal was to drive generation capacity and overall grid capacity to 25,000 megawatts, did not disclose the monetary value of Siemens’ involvement in the plan.

In December, Reuters reported that plans to build another privately-financed power station were delayed because of concerns about persistent shortfalls in payments for electricity across the sector.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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