Abuja - The Federal Government would invest $1.6 billion to upgrade and expand the power transmission network.
The Minister of Power, Prof. Chinedu Nebo, made this known when a delegation of the Bankers’ Forum visited him in his office in Abuja.
Nebo said the investment, which was to ensure stable power supply in the country, had been approved by the National Economic Council.
He said the fund would be sourced from the proceeds of the National Integrated Power Projects (NIPP) in the country.
Nebo said the Federal Government would also source $500 million from the World Bank and $150 million from African Development Bank (AfDB) to turn around the sector.
He said that the renewed vigor was geared toward infrastructure development of the transmission sub-sector, which was important to power supply chain.
The minister described transmission as the life-wire in the electricity value chain, and expressed government’s commitment to expanding transmission capacity to 120 per cent of generation.
He said the Federal government was also trying to address the issue of gas challenge to the power plants and adequate funding for the sector as a whole.
Nebo called on the banking sector to intensify their partnership with the Federal Government and private investors in the sector as a way of fast tracking its development.
For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.