The Presidential Power Initiative (PPI) agreement between Nigeria and Germany was further signed under the direction of President Bola Tinubu and Chancellor Olaf Scholz.
The agreement’s ultimate goal is to add 12,000 MW of electricity to the country’s grid.
The agreement was signed at the sidelines of the United Nations Climate Conference (COP28) taking place at the Expo City in Dubai.
The Managing Director of the Federal Government of Nigeria Power Company, Kenny Anue and the Managing Director, Africa of Siemens AG, Nadja Haakansson represented both countries.
Speaking on the agreement, The Director of Nigeria Power Company emphasised the commitment of President Tinubu to the development of power infrastructure, which he had reiterated time and again that infrastructure development is critical to the ongoing reforms.
He affirmed that electricity and financing are at the heart of the economic reform agenda of the 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 administration in 2018, expressing delight that both parties have now been able to drive the process forward.
Also, 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.
He said with the signing on Friday, the process will now proceed begin to ensure constant supply of electricity to Nigerians.
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