19 February 2014, Abuja – The Board of Transmission Company of Nigeria, TCN, yesterday, revealed that it had received over $1.2 billion from the Federal Government and donor agencies with which it intends to increase power capacity from 5,000 to 10, 000 megawatts by 2017.
The management of TCN, which made this disclosure at a media briefing in Abuja, explained that the company had over 165 ongoing initiatives and projects, aimed at doubling the power wheeling capacity from 5000 to 10,000MW by 2017 but on balance of 7,000 megawatts delivery as of now.
The company, while giving a breakdown of the funds, said it got $150 million from African Development Bank, ADB; $170 million from France agency; 135 billion euros as quantum to fund projects; $200 million from JAIC; and $500 million from Exim Bank of China.
A budget proposal of N24.9 billion for the company is currently receiving the attention of the members of the National Assembly for the 2014 fiscal year.
Chairman, Board of Trustees of TCN, Mr. Ibrahim Dahiru Waziri, who addressed journalists, expressed readiness to welcome investors in the transmission sub-sector of Nigeria’s Electricity Supply Industry, NESI, in order to attain the vibrancy required to meet the expectations of the growing economy.
He noted that the TCN needed investors who had a long term view of their returns to enable the company efficiently achieve its set objectives.
He said the company was willing to share its strategic national grid growth and stabilisation plans with investors wishing to key into the transmission sub-sector of the economy.
Waziri disclosed that frameworks for such partnership were being finalised to obtain legal backing and safeguards.
He said: “It is very clear to us that for the sector to attain the vibrancy required to fully meet and exceed the expectation of our rapidly growing economy and Nigerians, we need and indeed welcome investors who have a long term view of their returns.
“We are open to sharing our strategic national grid growth and stabilisation plans with investors wishing to key in. Frameworks for such partnership are being finalised to obtain legal backing and safeguards.”
The new TCN board chairman said the board had asked the management to review and prioritise the raft of ongoing projects to ensure a more prudent focus of limited resources to key projects with immediate tangible impact.
He added that about 522 engineers were recently employed and undergoing off and on-the-job trainings, while old staff were being trained to bring about the necessary revitalisation of the work force.