President Muhammadu Buhari has assured international investors that his administration is taking steps to improve Nigeria’s power supply despite constraints and bottlenecks which have seen multiple incidents of grid failures.
He revealed that Nigeria is decentralising the national grid through renewable-driven mini-grids and also once signed into law the constitutional amendment bill will allow state governments to generate and transmit their own electricity.
The President discussed this and many other issues in an interview with Bloomberg on Tuesday.
He said, “We are also decentralising the national grid through renewable-driven mini-grids.
“The 550 million dollar Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.”
He also added that his administration is working hard to improve the grid through the power intiative agreement with Siemens.
“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 dollar investment.
“Once signed into law the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity, further facilitating investor participation in our market and enabling states and local businesses to transmit excess supply to the grid,” he added.