Nigeria inks electricity deal with German govt and MNC Siemens AG

Nigeria has inked an electricity deal with the German government and the Multinational Conglomerate Siemens AG with the aim to deliver more electricity to Nigerian businesses and homes. The Nigerian President Muhammadu Buhari wrote on his official Twitter account it is an important move forward in addressing Nigeria's electricity challenge.

Today, in partnership with the German Government and Siemens AG, we are making an important move forward in addressing Nigeria's electricity challenge. Our goal is a simple one: to deliver more electricity to Nigerian businesses and homes. pic.twitter.com/953qM2Sw5z

— Muhammadu Buhari (@MBuhari) July 22, 2019

He said the challenge to Siemens is to work hard enough to achieve the target of 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 of this initiative, respectively.

My challenge to Siemens, our partner investors in the Distribution Companies, the TCN, and NERC, is to work hard to achieve the target of 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 of this initiative, respectively.

— Muhammadu Buhari (@MBuhari) July 22, 2019

He added Nigeria's intention is to ensure that our cooperation is structured under a Government-to-Government framework. No middlemen will be involved so that we can achieve value for money for Nigerians. He also insisted that all products be manufactured to high quality German and European standards and competitively priced. However, he added that this project will not be the solution to ALL the problems in the power sector but it has the potential to address a significant amount of the challenges Nigeria has faced for decades.

He said hopes that as the power situation improves, the government will improve investor confidence, create jobs, reduce the cost of doing business and encourage more economic growth in Nigeria.