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TCN needs $1.5b annually to improve power situation

25 March 2014, 16:17

Abuja - The Transmission Company of Nigeria (TCN) needs over $1.5 billion annually to be able to adequately wheel the quantum of power required for national economic development.

Speaking at the first TCN Investors’ Conference organized to open up the company for investors to participate in the future expansion of the transmission grid, the Chairman of the Board of TCN, Ibrahim Waziri said, “it is projected that TCN requires up to $8 billion dollars in the next five years to prosecute its capacity expansion programme.”

He assures them that government has established various mechanisms to safeguard and protect their investments in TCN and elsewhere in the electricity supply industry (ESI).

He said the task of ensuring stable power supply in Nigeria is huge; TCN cannot do it alone therefore we are soliciting for financial investment to achieve this goal.

In his contribution, the TCN Managing Director, Mack Kast said the company has developed a five-year expansion plan with the focus on completion of existing projects, construction of new ones, increasing wheeling capacities.

Kast said the power sector would drive the Nigeria’s economy therefore TCN would demonstrate the needed expansion.

Also speaking, the Minister of state for power, Mohammed Wakil said the TCN Investors’ Conference was apt, expressing optimism that it would help improve transmission in Nigeria.

Wakil assured the potential investors of government’s support and good business environment.

However, the Permanent Secretary, Ministry of Power, Dr. Godknows Igali said the privatization in the sector has raised the hope and confidence of the investors and the Nigerian people.

Igali added that the conference was to open up the transmission company to private hands to participate by providing the financial support or investment so needed for improvement.

-  NAN

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