DESPITE efforts by the authorities to reduce cost of doing business in the country and also minimise air and noise pollution, petrol and diesel-powered generators fleece over N5.075 trillion (or $14 billion) from Nigerian households and businesses per annum.
Senior Director for Nigeria at African Development Bank (AfDB), Ebrima Faal, disclosed this development yesterday in a press statement to pubilcise the bank’s approval of $210 million financing package to federal government.
According to him, the amount was approved for Nigeria Transmission Expansion Project (NTEP1) in its rehabilitation projects for upgrading the nation’s power lines to improve distribution and supply.
“Nigerians and their businesses spend $14 billion annually on inefficient and expensive petrol or diesel-powered generators. This project will contribute significantly to the reduction of Nigeria’s power deficit, decrease air and noise pollution and reduce the cost of doing business.
The AfDB recently approved $210 million financing to the Federal Government, for the Nigeria Transmission Expansion Project (NTEP1), to rehabilitate and upgrade the nation’s power lines and improve distribution and supply.
Upon completion, the project will reduce the use of small-scale diesel generators and therefore contribute to the reduction of GHG emissions by saving approximately 11,460ktCO2 per year,” Faal said.
Continuing further, Faal also stated that the projects would significantly improve Nigeria’s electricity supply, and directly impact the economy, industries, businesses and the quality of life of Nigerians as part of Transmission Company of Nigeria-NTEP1
$1.6 billion Transmission Rehabilitation and Expansion Programme (TREP) to be financed under $160 million loan and an additional $50 million loan from the Africa Growing Together Fund in support of construction of 330kV double circuit quad transmission lines and substations across the country.