In a series of significant moves to bolster Nigeria’s power infrastructure and enhance electricity distribution nationwide, the Transmission Company of Nigeria (TCN) has laid out plans to wrap up 53 ongoing power projects valued at N122 billion by May 2024.
TCN says aims to finalize these projects currently underway across various regions in the country, in collaboration with power distribution companies and supported by the Central Bank of Nigeria (CBN),
The array of projects encompasses the delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring of existing transmission lines, upgrades to existing 132/33KV substations, and the construction of 33KV line bays.
During a visit to three distinct projects at Ojo, Isolo, and Oworonshoki Transmission stations in Lagos on December 6, Mathew Ajibade, the Programme Coordinator at TCN, emphasized that upon completion, these initiatives would significantly augment the company’s capacity to transport electricity by over 1,000 megawatts.
“The projects are currently being implemented through the project management office at the TCN headquarters in collaboration with both TCN field engineers and the Discos technical team. The time set for completion of the projects is May 2024 latest”, he said.
Tumba Tijani, overseeing the Infrastructure Finance Office at the CBN, clarified that the central bank extended a loan for the project in August of the previous year at a 9% interest rate. An amount totaling N85.43 billion has been disbursed to 53 different contractors involved in the projects, deposited into the Advance Payment Guarantee account to facilitate their operations.
“The CBN in continuation of its intervention in the power sector approved the sum of N122,289,344 for the programme Nigeria Electricity Market Stabilization Facility-3 based on the projects estimated for the identified projects,” Tijani explained, highlighting the primary objective of resolving various transmission/distribution interface bottlenecks to enhance end-user supply and tap into the country’s dormant generation capacity.
Addressing the criticality of transmission infrastructure, Minister for Power, Adebayo Adelabu underscored that while the country has privatized power generation and distribution, the transmission aspect remains under government purview. Adelabu acknowledged the sector’s insufficient progress due to aging and inadequate infrastructure like substations, transformers, and power lines.
He reassured that the government’s commitment lies in restructuring and fortifying this infrastructure to ensure Nigerians enjoy improved and more reliable electricity supply nationwide.