The Federal Government has secured fresh investment commitments from Chinese companies to address challenges in Nigeria’s power sector.
Minister of Power, Joseph Tegbe, disclosed this following a series of high level meetings with major Chinese power engineering firms and financial institutions.
According to a statement issued on Thursday by the minister’s spokesperson, Adeola Labzy, the new commitments are expected to accelerate the implementation of projects under the Presidential Power Initiative, PPI.
The minister said the engagements in Beijing were focused on ensuring that proposed partnerships translate into bankable projects, financed investments and completed infrastructure capable of improving electricity supply across the country.
“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.
Tegbe also urged the Chinese partners to adopt firm and accelerated timelines for the completion of ongoing PPI projects.
He further advocated a shift from conventional engineering, procurement and construction, EPC, contracts towards broader partnerships that would deliver greater investment and infrastructure development within Nigeria.
The Federal Government has continued to seek foreign investment and technical partnerships as part of efforts to resolve the country’s longstanding electricity challenges.
Despite various interventions, millions of Nigerians continue to experience inadequate and unreliable power supply.
Data from the Nigerian Electricity Regulatory Commission, NERC, has also indicated that a large proportion of Nigerians still lack access to dependable electricity.
The government said the latest engagement with Chinese firms is aimed at turning investment commitments into completed power infrastructure and measurable improvements in electricity supply.
