Abuja – Nigeria is to reap foreign exchange from playing in the West Africa power market, Minister of Power, Saleh Mamman, has said.
The minister revealed this while speaking at the end of the 19th virtual Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari in Abuja.
He spoke as the FEC approved Nigeria’s contribution of $2 million to the 2020 budget of the West African Power Pool, WAPP.
According to Mamman, the specialised pool covers 14 of the 15 countries of the regional economic community, namely Benin, Côte d’Ivoire, Burkina Faso, Ghana, Gambia, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, and Sierra Leone.
He said participating in the regional market would generate immediate foreign exchange for Nigeria as oil revenue is dwindling.
“The pool is about having synergy within the West African region. The decision has been taken by ECOWAS, it’s for the generation of electricity in the region, so as to have more constant and steady power supply.
“It’s like the national grid in Nigeria. So we are going to have regional grid. It means, in case there is a failure in one country, another can supplement. The $2 million is a contribution,” he stated.
The West African Power Pool was created by a decision at the 22nd Summit of the Economic Community of West African States, ECOWAS Authority of Heads of State and Government in 1999.
At the 29th Summit of the ECOWAS Authority of Heads of State and Government held in Niamey, in 2006, the group adopted the Articles of Agreement for WAPP organisation and functions.