Federal Govt, Siemens scale up 2.3b Euro power project under PPI

President Bola Ahmed Tinubu yesterday directed that major transformer substations under the Presidential Power Initiative (PPI) be expanded from two to three phases to boost national transmission capacity.

The President gave the directive yesterday during a strategic meeting with a visiting delegation from Siemens Energy at the State House, Abuja.

Siemens Energy is the technical partner to the three-phased PPI, which is being implemented under FGN Power Company (FGNPC) as the special purpose vehicle (SPV). The first phase of the project was estimated at Euro 2.3 billion.

The government yesterday confirmed that more than $2.2 billion in new investments had been made in the power sector as a result of the PPI, with activation of 15 state electricity markets.

President Tinubu, who met with Siemens Energy’s Managing Director for the Middle East and Africa, Dietmar Siersdorfer, pledged that the Federal Government would continue to provide the resources required to accelerate the PPI.

He said the expansion of the capacity was in recognition of the catalytic role of electricity as a key driver of economic growth and social development.

“We want everyone to see the glory of our economic recovery and banishment of poverty,” Tinubu said.

He reaffirmed that his administration is taking the task of improving power supply “very seriously,” stressing that Nigeria’s economic growth, social development, and national competitiveness all hinge on a reliable electricity system.

According to him, steady power supply remains a priority because without steady power, the country cannot achieve its industrial, educational, healthcare, and transportation goals.