Nigerian businesses lose millions of Naira daily owing to the unstable power supply as the available 5000MW falls short of the expected 28000MW needed to power the nation.
It is for this reason, the FGN Power Company Tuesday commenced a two-day workshop on the conclusion of the Pre-Engineering activities for the take-off of the Presidential Power Initiative (PPI).
The FGN Power company is a special purpose vehicle established by the federal government to deliver the PPI in conjunction with German power firm, Siemens.
The PPI was conceived by the federal government in 2018 to rehabilitate and expand the electricity grid through improved generation, transmission and distribution for better power delivery and service to Nigerians.
Minister of power, Abubakar Aliyu in his keynote address said the PPI seeks to modernize, rehabilitate and expand the national grid by investing in the electricity value chain (generation, transmission, and distribution systems) of the power sector.
Aliyu who was represented at the event by a Permanent Secretary in the ministry, Nebolisa Anako said the federal government partnered with Siemens in the implementation of the project because the German firm has world-class experience in power system reforms as seen in their recent job in Egypt.
The minister said the project is expected to generate at least 2000MW in the first 18-months.
According to the minister, the PPI will create a rapid transformation in the on-grid electricity value chain, spur economic growth, create jobs and opportunities for Nigerian Youth and Enterprises, drive local content development through training opportunities and capacity building in the sector.
He adds that the Government is prepared to solve the problems of epileptic power supply in Nigeria once and for all.
Idowu Oyebanjo, Chief Technical Officer of FGN Power company said the project will have two components; on-shore and off-shore. While the FGN Power Company in conjunction with Distribution Companies (Discos) and other stakeholders handles the on-shore component, Siemens takes charge of the off-shore part of the project which includes project design, manufacturing of equipment among others.
Earlier in his remarks, Kenny Anuwe, MD/CEO of FGN Power Company appreciated the work put in place by relevant stakeholders including the Ministry of Power, Transmission Company of Nigeria (TCN), Siemens and distribution companies who have been part of the technical document.
The PPI is expected to be implemented in three phases with the ultimate objective of delivering 25,000 MW of capacity to electricity consumers across Nigeria by 2025.