Nigerian Government Seals Final Agreement With Germany On 12,000MW Of Electricity.

Nigerian president bola tinubu and his German counterpart, Chancellor Olaf Scholz on Friday in Dubai, United Arab Emirates (UAE) entered into further agreement by the signing of the Presidential Power Initiative (PPI) agreement between between both countries, an agreement designed to add 12,000mw of electricity to the national grid.

The agreement was signed at the sidelines of the United Nations Climate Conference (COP28) taking place at the Expo City in Dubai.

Managing Director of the of Nigeria’s Power Company, Kenny Anuwe said the agreement is a further proof of President Tinubu’s commitment to the development of power infrastructure across the country.

The managing director further affirmed that electricity and financing are at the heart of the economic reform agenda of the current administration, adding that the PPI by design encapsulates both elements with the support of partners, Siemens Energy and the financiers that are backed by the German government.

In his remarks, Chairman of Siemens Energy Supervisory Board, Joe Kaeser, traced the history of the initial agreement to the Muhammadu Buhari’s administration in 2018, expressing delight that both parties have now been able to drive the process forward.

Speaking on the project, the Minister of Power, Adebayo Adelabu, said the target of the PPI is to add 12,000mw of electricity to the national grid.

The minister also noted that, with the signing, the process will now proceed to ensure constant supply of electricity to Nigerians.

On the financial implications, adebayo adelabu said the project will be financed under the Government export credit facility that is being provided by a couple of German banks to Nigeria.