APN News

  • Wednesday, February, 2023| Today's Market | Current Time: 08:42:21
  • Nigerian President Goodluck Jonathan has promised to construct a power grid at the cost of USD 3.5 billion, aimed at addressing the highly insufficient power supply in the oil rich African country.

    An e-mailed statement from the country’s presidency said the grid would have the capacity of 700-kilovolt and will be completed within four years.

    “It will be funded by the government, private investors and international finance and development agencies and will address Nigeria’s future energy challenges including the transition to more sustainable energy sources, reduction of power loss per transmitted megawatt and improving power voltage profile across the country,” the statement said.

    Later this month, the presidency will present a formula for the reorganisation of Nigeria’s power industry and this would pave way for the generation of 6,939 megawatts of electricity by April next year with the aim of rising to 14,019 megawatts by December, 2013, the presidency said.

    Low power supply and regular black-outs had stifled production activities in Africa’s most populous nation as industrialists spend huge sums on generating their own power by using diesel powered generating sets.

    This has led to closure of many industries and halting of several productive activities.

    Jonathan had vowed to tackle this deficiency that previous governments were unable to grapple with despite giving many deadlines.

    Corruption also impeded works towards sustainable power in the OPEC member country that ranks as the eight-largest oil exporter.

    Presidential elections in Nigeria are set for early next year, and Jonathan, who took over in May after the death of president Umaru Yar’Adua, is widely expected to run.

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