The World Bank on Friday announced a $486 million International Development Association credit to support the rehabilitation and upgrade of Nigeria’s electricity transmission substations and lines.
The spokesperson of the World Bank in Nigeria, Olufunke Olufon, said the approved credit would help increase the power transmission network and enable electricity distribution companies supply consumers with additional power.
According to General Manager (Public Affairs) of TCN Mrs Ndidi Mbah the $486 Million Nigeria Electricity Transmission Access Project (NETAP) to be financed by the World Bank is part of the Transmission Rehabilitation and Expansion Program (TREP) launched by the Transmission Company of Nigeria early last year. TREP seeks to Rehabilitate, Stabilize, Provide Necessary Flexibility, Expand the Wheeling Capacity of the Grid and establish enough redundancy in line with international standard N-1.
According her the $486 Million is largest loan to Transmission Company of Nigeria (PHCN) is expected to rehabilitate and upgrade existing substations and lines across the country.
Mrs Mbah further said the procurement of major components of the project have reached advanced stage because the TCN and World Bank agreed to use advance procurement which allowed for the commencement of the project before it is approved by the Bank. This is expected to significantly assist in fast tracking the implementation of the project.
