The Transmission Company of Nigeria (TCN) has revealed plans to finalize 53 ongoing power projects valued at N122 billion by May 2024.
In collaborating with power distribution companies and the Central Bank of Nigeria (CBN), the projects will encompass the delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring of existing transmission lines, upgrading of existing substations, and the construction of 33KV line bays across the country.
According to Mathew Ajibade, the Programme Coordinator at TCN, upon completion, these initiatives will boost the company’s electricity transportation capacity by over 1,000 megawatts.
The projects, managed by TCN in cooperation with field engineers and the technical team of distribution companies, are progressing despite challenges, with a firm commitment to meeting the May 2024 deadline.
Tumba Tijani, Assistant Director overseeing the Infrastructure Finance Office at the CBN, indicated that the central bank provided a loan at a 9% interest rate for the projects in August of the previous year.
A total of N85.43 billion has been disbursed to 53 different contractors involved in the projects. This financial support, aimed at resolving transmission and distribution bottlenecks, is part of the Nigeria Electricity Market Stabilization Facility-3.
The program seeks to enhance the transmission infrastructure, improve supply to end-users, and unlock untapped generation capacity in the country, aligning with the government’s commitment to reorganize and enhance the transmission sector for a more reliable and widespread electricity supply across Nigeria.
