BREAKING: FG signs landmark electricity deal with a German company, Siemens

The Federal Government of Nigeria has signed a deal with a German company, Siemens Ag in its bid to find lasting solution to electricity problems in Nigeria.

President Muhammadu Buhari made the announcement on his official Twitter account.

He said:

Today, in partnership with the German Government and Siemens AG, we are making an important move forward in addressing Nigeria’s electricity challenge. Our goal is a simple one: to deliver more electricity to Nigerian businesses and homes

My challenge to Siemens, our partner investors in the Distribution Companies, the TCN, and NERC, is to work hard to achieve the target of 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 of this initiative, respectively.

Our intention is to ensure that our cooperation is structured under a Government-to-Government framework. No middlemen will be involved, so that we can achieve value for money for Nigerians. “We also insist that all products be manufactured to high quality German and European standards and competitively priced.

This project will not be the solution to ALL our problems in the power sector. However, I am confident that it has the potential to address a significant amount of the challenges we have faced for decades.

It is our hope that as the power situation improves, we will improve investor confidence, create jobs, reduce the cost of doing business and encourage more economic growth in Nigeria.