Nigeria has secured fresh Chinese investment commitments to address its power sector challenges, Minister of Power Joseph Tegbe said.
A statement issued Thursday by Adeola Labzy, spokesperson to the minister, said the commitments followed high-level engagements in Beijing with leading Chinese power engineering firms and financial institutions.
The new investment is expected to accelerate delivery of projects under the country’s Presidential Power Initiative (PPI).
“The engagements, held in Beijing as part of the ongoing Nigeria–China power sector mission, were designed around a single test: whether each partnership can be converted into a bankable project, a financed investment and completed infrastructure that Nigerians can measure in megawatts delivered, kilometres of lines energised and hours of reliable supply,” the statement said.
During the meetings, Tegbe pressed for firm, accelerated completion schedules for all ongoing PPI projects and called for a shift from conventional engineering, procurement and construction (EPC) contracts to full-scope partnerships in Nigeria.
Data from the Nigerian Electricity Regulatory Commission showed that the majority of Nigerians live without access to reliable electricity supply.
