President Bola Tinubu Friday laid the foundation for a 1,350 Megawatts power plant belonging to NNPC Limited with an assurance that all distribution bottlenecks will be removed by the government.
FG began construction of a 1,350 megawatt gas-fired power plant near its capital Abuja on Friday, the first major project under President Bola Tinubu, who promised to improve erratic electricity supply and spur sluggish economic growth
Power cuts are frequent in Africa's largest economy, with no
city spared electricity shortages, due to inadequate generation capacity and a
patchy grid.
The Gwagwalada Independent Power Plant, which will burn
Nigerian gas, will provide about 11% of Nigeria's energy needs and will be
built in three phases, state oil firm NNPC said.
Mele Kyari, NNPC chief executive said the power plant would
help "monetise our abundant gas resources." Nigeria has some of the
largest gas reserves in the world.
China Mechanical Engineering Corp. and GE Vernova are
building the power plant in partnership with the NNPC, with the first phase
expected to be completed in 2024, the NNPC said.
At a groundbreaking ceremony to mark the start of
construction, Tinubu described the project as "first bold step" in
his administration's efforts to establish a strong energy sector that will
drive the Nigerian economy.
He pledged to increase Nigeria's power generation beyond
current levels, stabilize the erratic grid and end distribution bottlenecks
that hamper supply to homes and businesses.
Africa's leading energy producer has an installed power
generation capacity of 12,500 megawatt but produces a fraction of that, leaving
millions of households and businesses reliant on power generators.
But fuel prices have tripled since Tinubu scrapped a popular
but expensive petrol subsidy, which has led to soaring costs and left millions
reeling.
Regular blackouts and inadequate capacity are often cited by
businesses as a key issue hindering growth in Africa's most populous nation.
The plant, along with two in the northern cities of Kaduna
and Kaduna, is among the power projects planned along Nigeria's 614-km
(384-mile) AKK natural gas pipeline corridor, to add 3600 megawatts to
Nigeria's generation capacity, NNPC said.
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