COP23: New Siemens deal with Germany would improve electricity- Tinubu

President Bola Tinubu has stated that the recent electricity deal reached with the German energy power company, Siemens, during the COP 23 climate change event will help to improve the country’s weak power supply in the future years.

President Tinubu stated this on Monday while delivering his first New Year goodwill message to Nigerians.

The message was aired on the nation’s network broadcasting station NTA on Monday.

The president stated that the deal will ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

“Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver a reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.

“Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country,” the president said.

Last month, Nigeria and Germany agreed to add 12,000MW of electricity to the national grid through the Presidential Power Initiative (PPI).

The power initiative, which will be financed by the government export credit facility currently offered to Nigeria by a few German banks, would cost around $60 million and will include the procurement of 10 transformers and 10 power mobile stations.

President Tinubu and German Chancellor Olaf Scholz both presided over the signing on Friday in Dubai, United Arab Emirates (UAE), on the margins of the United Nations Climate Conference (COP28) at Expo City.

In his address, Tinubu stated that his administration recognises that no meaningful economic transformation can happen without steady electricity supply.

He added, “My administration recognises that no meaningful economic transformation can happen without steady electricity supply.”

President Tinubu also stated that “In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.”