FreeStuffsNG:
God bless the family of the late Chief of Staff to the President, Malam Abba Kyari, the foremost champion of the project.
God bless President Muhammadu Buhari for personally leading the project at the highest offices of both nations.

God bless President Bola Ahmed Tinubu for continuing with this great legacy of President Buhari.

Thank you German Chancellor Angela Merkel for making this partnership a reality during your tenure.

May God bless Nigeria for ever! Check my signature for free stuffs!

ebufa:




The whole design of the power transmission system is too top heavy, it is as unwieldy as Nigeria's unitary federal system.....how can you generate power in egbin in Lagos and then spend humongous amounts of cable to transmit it to Maiduguri......makes no sense at all!
They should design a transmission system made up of sub systems analogous to our 6 regions! With serious redundancies built in the system....so that all the sub regional systems can buy and sell from each other! what we have now is a domino effect transmission system that pulls itself down once a failure occurs along the system

jedisco:
Nobody is talking about 'German' loan trap now like they would if it was China. Is this not a direct copy of what the Chinese are doing in Africa? - Something western nations including Germany have criticised them for.
$2.3 loan from Germany to be given to a German company. This is over half of all we've borrowed from China since 2007 bring taken out at once


In addition, what are the nitty-gritties of this loan
What's the loan interest rate and how competitive is it?
How much would a similar project have have cost if the bidding process was open?
What are the restrictive covenants in place e.g if Nigeria can't pay back.

Ejiakusmith:
I just lose seven thousand naira now on a virtual bet .... Money I just withdraw for food stuffs purposes.......... Feeling like going to comma now 😭😭😭😭😭

Bonaventura:
We've been hearing of this Siemens project for years now. This is one of the redherring to distract us from the fact that Tinubu and his ministers have been failures.

Best hands in the mud.

Their reactionary approach to development wants to make one cry.

By the time the foreign reserve is completely depleted because they are pretending to be defending the naira we'll know what else they'd say.

Adelabu is one of the worst performing minister out of the bunch of mediocre ministers of Tinubu. He's the worst of the worst.

He increased electricity tariffs in the dead of the night just like his mandate thief principal was illegitimately announced in the dead of the night and now he wants to distract us with Siemens behemoth project.

Ọkụ gbakwaa all of them.

Ndị ara!

Pascal9:
nobody subsidies anything, it breeds curruption work hard and pay your bills.

garfield1:


Why are you guys from the se so hateful

dNortherner:
Let's have hope at least for once in our lives pal, we might get there. I no blame you tho'

Paraman:
They will also work on the transmission line and install thousands of transformers.

Johnjustice:

Go sleep, not talking about me or you, the poor are supported in every society via one form of subsidy/welfare or the other...if government doesn't support the citizens, so what is government there for?

Is the revenue of a nation for politicians alone?

Unless you are a greedy politician or political sycophant or jobber, then I must say you are really naive and ignorant.

PHAYOL81:
Hope the deal live up to expectation

LordAdam16:


You make valid points.
But there are reasons to treat this differently.

.....
The Germans check that box. The only other folks I'll call for this are the Americans, Japanese, or South Koreans.

....
As to the details of the loan.
The loan is provided by the world's largest national developmental bank.
Rates are typically single-digit. The EU has some of the lowest rates on the planet.
As regards a default, the Europeans have a long history of being open to debt reconstruction and relief.

Will we have gotten a better deal from China. Absolutely.
That does not make this a bad deal.
Some could argue diversifying our loan base is the smart thing to do.

LordAdam16:


You make valid points.
But there are reasons to treat this differently.

First off, Germany's reputation in the sector is unmatched.
We've not revamped our transmission infrastructure since they were installed in the nation's infancy.
This is not a project where you'll generally want to go cheap.
You want the most efficient player to come in and deliver a quality job that'd last the next 30, 50 years with firm guarantees.
The Germans check that box. The only other folks I'll call for this are the Americans, Japanese, or South Koreans.

We actually approached the Germans because Siemens did a remarkable job in Egypt.
https://www.siemens.com/eg/en/company/topic-areas/egypt-megaproject.html
Yes, that same Egypt that has the same running concerns from corruption to debt burden.

As to the details of the loan.
The loan is provided by the world's largest national developmental bank.
Rates are typically single-digit. The EU has some of the lowest rates on the planet.
As regards a default, the Europeans have a long history of being open to debt reconstruction and relief.

Will we have gotten a better deal from China. Absolutely.
That does not make this a bad deal.
Some could argue diversifying our loan base is the smart thing to do.
Plus, we're using it for viable infrastructure instead of pointless intra-city monorails.

Many watchers have correctly lampooned the West for not doing enough to match China's infrastructure drive in Africa.
This is a welcome attempt to fix that and should be encouraged.
In 2022, Siemens signed a new deal worth $8.7B in Egypt, which I expect to be north of $10B due to predictable cost overruns, for a nationwide high speed rail system.

If we were a serious country, the EU, Japan, South Korea, and China would industrialize this country many times over and we would barely have to lift a finger. Norway, Qatar, UAE, and the multinational developmental funds will serve as cosigners.
There are trillions in funds looking for a home.

-Lord