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Power Generation: Foundation Woos $10m Investment To Nigeria

The epileptic electricity supply experienced in Nigeria in recent time has been a source of worry for some Nigerians in the diaspora which they describe as embarrassing in a country considered the largest market in Africa with the biggest economy.
As part of effort to boost power supply in Nigeria from its present poor state, the Jose Foundation, a non governmental organisation has said it is wooing a United Kingdom based firm Transworld Trading Turkey (UK) Limited to invest in the power sector of Nigeria.
In a statement yesterday exclusively to LEADERSHIP Weekend in Abuja, President of Jose Foundation, Prince Martins Abhulimhen said Transworld Power Project will inject 30 megawatt of electricity to the Nigerian grid system.
In early March, 2016 data from the Nigerian Systems Operations Department of the Transmission Company of Nigeria (TCN) indicated a drop of power generation from an all time high of 5, 074MW to 2, 800MW.
The situation further detoriated to about 1, 580MW leaving several states of the federation without power. The crashing was attributed to gas pipeline vandalising, according to the Nigerian Electricity Regulatory Commission (NERC).
The Jose Foundation said the power situation in Nigeria has called for pragmatic action to improve supplies to vital sectors of the Nigerian economy to empower Nigerians.
He stated that Transworld Power Nigeria (TPN) is taking 50 percent of the project investment of $10 million dollars on behalf of Transworld Turkey. According to him offshore finance will acquire the remaining 50 percent of the project cost in a joint venture.
The location of the project according to Abhulimhen is the Lekki Free Trade Zone in Lagos State with off take beneficiaries including the proposed Dangote Refinery, Pan African University, all companies along that zone and host of others.
The power plant according to Abhulimhen can “run on both diesel and natural gas on turbine with a voltage of 10500VY, frequency of 50H2, power 42400kw. It also has a revolution of 3000rpm and power factor of 0.85”.
The Italian made TG20-B2 OEM Fiat power plant is expected to reduce the challenges of power generation to the trade zone to boost economic activities in Lagos.
The Jose Foundation said it is rebranding Nigeria in the international community to compliment and attract more investors to Nigeria through positive interactions with genuine investors who wants to have a share of the huge market in the country.
President Muhammadu Buhari noted recently that the poor power situation in the country is no longer funny when he spoke at the opening session of the just concluded Retreat organised by the National Economic Council (NEC) in Abuja.
The President vowed that by the end of the remaining three years of his administration, 10, 000MW would be achieved.
The Nigerian government is said to be targeting about 25, 000MW of power by 2020. Some experts however are of the view that the federal government target is very ambitious and would require pragmatic effort to achieve that peak.

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Jose foundation is driving forward resiliency economy solutions (urban, rural and business) - to bring in collaboration from industry - banking and academia - for ecology and sustainability development to empower Nigeria and the Nigerians.                                                               

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