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Wednesday, November 13, 2024

COP 28: Tinubu, Scholz Sign Power Agreement, Targets 12,000MW

President Bola Tinubu and the German Chancellor, Olaf Scholz on Friday in Dubai, United Arab Emirates (UAE) presided over the further signing of the Presidential Power Initiative (PPI) agreement between Nigeria and Germany.

The agreement is designed to add 12,000mw of electricity to the national grid, according to Adabayo Adelabu, Nigeria’s Minister of Power.

The agreement was signed at the sidelines of the United Nations Climate Conference (COP28) taking place at Expo City in Dubai.

The managing director of the Federal Government of Nigeria Power Company, Kenny Anuge, signed for Nigeria, while the Managing Director (Africa) Siemens AG, Nadja Haakansson, signed on behalf of Germany.

Speaking on the agreement, Anue harped on the commitment of President Tinubu to the development of power infrastructure, noting that he had reiterated time and again that infrastructure development is critical to the ongoing reforms.

He affirmed that electricity and financing are at the heart of the economic reform agenda of the administration, adding that the PPI by design encapsulates both elements with the support of partners, Siemens Energy and the financiers that are backed by the German government.

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Anuge said: “Mr. President, with your strong and dynamic leadership through the Minister of power, now we seek to exploit or expedite what was already a worthwhile programme in the presidential power initiative through this accelerated agreement today.

“Some of the things that have been achieved, erstwhile by the federal government, have been the establishment of the FGN Power Company as the special purpose vehicle for the implementation of the project.”

He said the German government has nominated the mandated lead arrangers and financiers, adding that Siemens energy has also successfully delivered 10 units of power transformers and 10 units of mobile substations.

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