FG invests $550m in power sector, begins grid decentralisation
The Federal Government has earmarked $550 million for the provision of 20,000 Standalone Solar Systems (SHS) and Solar Hybrid mini-grids in at least 250 locations across the country.
The government has also commenced the decentralisation of the national grid to address the challenges of power supply across the country.
President Muhammadu Buhari disclosed this development in an interview with Bloomberg News on Tuesday.
According to him, government is already embarking on hundreds of projects and initiatives attracting funding from local and foreign investors on the power grid.
The President said that the country’s national grid had collapsed at least four times this year, throwing many parts of the country, including Lagos, Rivers, and Abuja into total blackout.
“We are also decentralising the national grid through renewable-driven mini-grids.
“The $550 million Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.
“Take my Presidential Power Initiative (PPI), a government-to-government initiative between the Governments of Nigeria and Germany, with Siemens AG, to upgrade the electricity grid with a $2 billion investment.
“Once signed into law, the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity.
“This will further facilitate investor participation in our market and enable states and local businesses to transmit excess supply to the grid,” the president added.
