President Muhammadu Buhari has directed the Ministries of Power and Finance, and the Bureau of Public Enterprise (BPE) to conclude the engagement with Siemens AG to commence the pre-engineering and concessionary financing aspects of the Presidential Power Initiative.

The Presidential Power Initiative (PPI) is a power infrastructure upgrade and modernization Programme agreed to by Federal Government of Nigeria and Siemens AG of Germany, with the support of the German Government.

Under the PPI, the Federal Government will on behalf of the other shareholders in the Electricity Distribution Companies invest in infrastructure upgrades in the form of improved payment systems, distribution substations, transformers, protection devices, smart meters, transmission lines, etc.

All DisCos have, directly, and through the BPE, been diligently carried along over the last 15 months to understand in detail the challenges in the electricity systems.

All items to be purchased were provided by the DisCos and Transmission Company of Nigeria and they will be vetted by a professional Project Management Office.

The funding for the PPI will be secured under concessionary terms (up to 3-year moratorium and 12-year repayment at concessionary interest rates) through the German Euler Hermes cover, which the Federal Government will on-lend as a convertible loan to the other shareholders in the DisCos.

President Buhari has approved the release of funding for the first part of Phase 1 of the PPI, to kick-off the pre-engineering and concession financing workstreams.

To ensure fairness and transparency of the intervention, the President has also directed that the Federal Government engage the International Finance Corporation (‘IFC’) to assist in developing the commercial structure of the intervention under this Presidential Power Initiative (PPI), as well as in undertaking an independent company valuation of the DisCos.

The President has also directed that to ensure value for money and preserve the integrity & transparency of the procurement process under the Govt-to-Govt framework, Siemens AG shall be solely responsible for nominating its EPC partners to perform all onshore works; NO middlemen.

“Our goal is simply to deliver electricity to Nigerian businesses and homes… Our intention is to ensure that our cooperation is structured under a Govt-to-Govt framework. No middlemen will be involved, so that we can achieve value for money for Nigerians.” — President Buhari

The PPI journey started on August 31, 2018, when Chancellor Angela Merkel visited Nigeria and met with President Buhari.

Chancellor brought along with her a business delegation that included the Global CEO of Siemens. Nigeria and Germany agreed to explore cooperation in a number of areas, including Power.

The Presidential Power Initiative (PPI):

a. Will deliver improved power supply nationwide, with attendant results in job creation, investor confidence, cost and ease of doing business and economic growth.

b. Will provide training and capacity building for thousands of young Nigerians (non-graduates, students and graduates)

c. Will create economic opportunities for Nigerian engineering companies that will serve as local vendors for the provision of manpower and equipment.

d. Will stimulate/encourage inflow of additional investment into the power sector.

The ultimate goal of the PPI is to modernize and increase the Nigerian electricity grid capacity from about 5 GW currently to 25 GW, over three phases.

Gbam !

I have gone through Siemens Electricity Road Map, I think is a good one

God Bless President Buhari
God Bless Federal Republic of Nigeria

Good development.

The entire power sector need urgent revamp for better power supply

Can the Buhari Govt pull this through??

I need to see the document to this. It sounds like a good one

We have TCN, discos, now siemens. Road maps and proper managements can't stand on our stinky soil of corruption.

And why do we put much hope on documental strategy, not practical strategy? Because too many signatures on papers have sniffed our public funds.

myboy2111:
I have gone through Siemens Electricity Road Map, I think is a good one

God Bless President Buhari
God Bless Federal Republic of Nigeria

can you share a link to that?

Hmmm. This is super story, life of...

Looting continue

Audio

God bless our darling Daddy President Muhammadu Buhari and his AMIABLE Vice President PROF YEMI OSINBAJO as they are doing all to make our once battered country work again.

May God punish everyone that looted our country and took Nigeria 100 years during the period we made our highest revenue as a nation.

May they all never end well wherever they may be.
And if you are here supporting or taking money from any corrupt politicians, becareful, so you won't end up like them.

We are watching......

commoditiesnig:
Good development.

The entire power sector need urgent revamp for better power supply

Gbamsolutely!!

myboy2111:
I have gone through Siemens Electricity Road Map, I think is a good one

God Bless President Buhari
God Bless Federal Republic of Nigeria

Amen.
God bless you too.

scam!

stupid and useless man!!!

temptnow:
Looting continue

This is the only way the brain of a wailer works.
Nothing more in there, than negativity!
We understand.....
Happy wailing till 2023 and beyond....

Is this going to provide the 24hrs electricity they promised Nigerians in 2015?

good....no even kno Y i book d space..don read d news over n over again n read few comments and still no understand the news and the .most painful thing be say i be economics student oo...man brain jus block lyk say i don drop out from school because of this covid....na wah oo

Wolgrace:
We have discos

But no DJ

Audio ...

Power should drive industrialization not political ambitions. This project will fail without involving the youths

post=90024669:
This is the only way the brain of a wailer works.
Nothing more in there than negativity!
Shame....

shut up!!!

Ok oooo

Quite appaling that with the worth of education in this country and those that have studied outside and the bunch of professors we have, administrators, accountants, consultants we can't but do nothing or make something work ourselves. Imagine the worth of our wealth that will patronize the Germans

Is a black man's world a dooms day?