- The Central Bank of Nigeria (CBN) is set to unveil a N123 billion power intervention project in May 2024
- The initiative, addressing transmission and distribution challenges, has disbursed N85.4 billion to 53 contractors for nationwide project execution
The Central Bank of Nigeria (CBN) is gearing up to unveil its N123 billion power intervention project in May 2024, pending any unforeseen changes. In August 2022, the CBN greenlit a substantial sum of N122,289,344,369.39 for interventions in the national power sector.
Designed to address transmission and distribution challenges across the country, the projects aim to enhance end-user supply and tap into the untapped generation capacity in Nigeria. During a recent tour of project sites in Lagos, Engineer Matthew Ajibade, head of the Project Management Office at the Transmission Company of Nigeria (TCN), shared insights.
Ajibade disclosed that approximately N85,432,335,688 had already been disbursed to 53 contractors nationwide for project execution. Ten power transformers have been delivered, and an additional 43, ranging from 150MVA, 100MVA, and 60MVA, are slated for delivery and installation before the May 2024 deadline.
Highlighting the proactive approach, Ajibade stated, “The manufacturing process for most contracts is set to conclude early next year, facilitating shipment and delivery. By May 2024, all projects will be delivered.”
In adherence to CBN’s terms, indigenous companies are handling the projects, with certified local firms fabricating certain components. The initiative aims to expedite electric power project development, particularly in identified industrial clusters across the country.
Mr. Rumba Abdulrasaq, Assistant Director at the Infrastructure Finance Office of CBN, expressed satisfaction with the progress. He noted that the majority of the necessary equipment for project completion had been supplied. The strategic placement of the 53 transformers follows a nationwide inspection tour by stakeholders. As the May 2024 deadline approaches, the CBN’s power intervention projects mark a crucial step in addressing challenges within Nigeria’s power sector.