The Central Bank of Nigeria’s (CBN) N123 billion power intervention project is anticipated to become operational by May 2024, barring any unforeseen changes. In August 2022, the CBN approved the sum of N122,289,344,369.39 for intervention in the nation’s power sector, focusing on resolving transmission and distribution challenges, improving supply to end-users, and unlocking untapped generation capacity.
During a tour of project sites in Lagos by CBN officials and heads of the Distribution Companies (DisCos), Engineer Matthew Ajibade, head of the Project Management Office at the Transmission Company of Nigeria (TCN), revealed that approximately N85,432,335,688 of the approved sum had been disbursed to 53 contractors nationwide for project execution.
Ajibade highlighted that 10 power transformers have already been delivered, and an additional 43 transformers, ranging from 150MVA, 100MVA, and 60MVA, are expected to be delivered and installed by the May 2024 deadline. He emphasized that the manufacturing process for most contracts is scheduled to conclude early next year to facilitate shipment and delivery.
The projects not only involve the sourcing of equipment like large transformers from overseas but also promote local involvement, with indigenous companies handling the engineering aspects. This aligns with the CBN’s terms and conditions for fund disbursement.
Rumba Abdulrasaq, the head of the CBN team and Assistant Director at the Infrastructure Finance Office, expressed satisfaction with the progress, noting that most of the required equipment for project completion has been supplied. The strategic placement of the 53 transformers in specific areas was decided after a nationwide inspection tour by all stakeholders.
The power intervention projects aim to accelerate the development of electric power projects, particularly in identified industrial clusters across the country.
