The money is aimed at is aimed at achieving over 20,000 megawatts, MW, of electricity supply in the country.
The Transmission Company of Nigeria, TCN, the government agency responsible for the management of electricity transmission infrastructure, says it plans to inject $8 billion (about N1.28 trillion) to upgrade its operations.
The company’s Executive Director, Mohammed Shaike, said the investment is aimed at achieving over 20,000 megawatts of electricity in the country.
Mr. Shaike disclosed this when he received members of the Senate Committee on Privatization, led by its Chairman, Olugbenga Obadara, who visited the company’s regional office in Oshogbo.
The visit was in continuation of the Committee’s oversight visit to privatized enterprises in Osun State.
The Executive Director said that TCN would work jointly with the Infrastructure Concession Regulatory Commission, ICRC, to achieve the set target.
He informed the lawmakers that in line with TCN’s determination to develop the technical manpower of the company, its management contractors, Manitoba International, had trained some of the technical staff abroad to acquire the technical competence and strategic skills necessary to help deliver their mandate.
The TCN’s General Manager, M.J. Lawal, said the company’s power lines have the capacity to accommodate a maximum voltage of 330kv, with its transmission extending to Benin and Niger Republics.
Despite the low power generation from the generation companies, he said that plans were on to upgrade the transmission lines to accommodate more voltage to distribute to the distribution companies.
Mr. Lawal listed the challenges the company was facing to include poor office accommodation, lack of safety facilities and lack of training for the technical staff.
Chairman of the Senate Committee on Privatization, Olugbenga Obadara, decried the low level of investment in power generation infrastructure which has resulted in unstable and unreliable power supply in the country.
At the Nigeria Machine Tools, NMT Limited, its Managing Director, Norbert Chukumah said the company specialises in the production of spare parts based on specifications.
He said since privatization in 2007, the company had embarked on massive rehabilitation and upgrade of its facilities to bring it to modern standards.
Mr. Obadara urged the company to take the company to the Capital Market to raise more funds for its operations.