Months before assuming office, President Bola Ahmed Tinubu (PBAT) promised to continue with the implementation of the PPI. Under the renewed hope agenda which begets a renewed agreement, PBAT has shown, once again, that he is a man of his words. In a system where people with myopic vision cancel whatever their predecessors have established without any recourse to resources already expended, and or, the value proposition thereof, PBAT has continued with two important policies that can liberate Nigeria out of darkness. These two policies are linked in the implementation of the Electricity Act 2023 and the Presidential Power Initiative.
On the sidelines of the Climate Change Conference of Parties (COP) 28 holding in Dubai, UAE, PBAT, on Friday, 1st December, 2023, signed an accelerated agreement on the implementation of the Presidential Power Initiative (PPI). This agreement builds on the earlier one signed in 2019 to deliver an end-to-end capacity of 12,000MW within the next four years. The timelines for the implementation will be to deliver 8,000MW within the next 12 – 24 months, and 12,000MW in 24 – 48 months.
Riding on the back of the successful delivery of 10 Power Transformers & 10 Mobile Substations by Siemens, the accelerated project will focus on identified demand centres with a particular emphasis on economic and industrial hubs nationwide; execution of new 330kV and 132/33kV substations in target load centres with economic priority, in addition to thousands of kilometres of overhead transmission lines to connect new substations with existing ones.
Nigerians are obviously excited about the prospect of a renewed hope for the power sector through interventions like this with the support of world economic powers such as Germany, China, USA, UK, etc.
To achieve these great strides, PBAT has been engaging these world leaders in various gas-to-power initiatives since assuming office. In the atmosphere of paucity of funds, low interest rate, export credit financed loans from various development finance institutions (DFIs) come really handy.
A trade-by-barter system should be applied! You heard it here first!
What thoughts have you on this development?
Please share in the comments section.
Attached:
1. Photograph of President of the Federal Republic of Nigeria and the Chancellor of the Republic of Germany.
2. Photographs of Engineers during a Constructability Review Meeting
Idowu Oyebanjo, PhD
7 comments
Great!
Its a welcomed adventure by the Federal government of Nigeria.
The intention and intervention by Siemens of Germany is a culminated purpose to achieve improve capacity and upgrade Nigeria electricity to better the lots of the people and Industrial development.
Truely, I am happy for the signing of agreement which comes with extended time-line ( more project completions ahead)
Having read through the Siemens project plans and with the executed projects so far in transmission Grid. I would like to asked these basic questions:
1. When will Siemens begins improvement of power generations to boost the capacity?
2. When will the intervention get down to Discos?
3. Will Siemens participate in the construction of transmission lines and distribution networks?
4. How will FGN power company cope with employment of right and dedicated staff to complement this huge tasks?
5. To tackle delay project execution, has Federal government and Siemens concluded arrangement on how to remove bottleneck due to policy in the area funding, procurement and seaport clearing or other related issues?
My thoughts on the recent development with two questions in mind.
Great move by the President.
This is needed for development and power stability in the country.
1. The maintenance/sustainability of these power transformers & mobile substations.
Are there experts on ground or trained individuals incase of break down which may lead to delay in project execution?
2. Are there available measures put in place by siemens and the FGN to tackle delay project execution within the stipulated time frame mentioned?
coupled with the Country’s culture of abandoned or delayed projects that is mostly associated with lack of fund.
May we live to witness the promised Nigeria under the renewed hope innitiative to see the light at the end of the tunnel.
*BARTER AS AN ALTERNATIVE TRADING AND FINANCING TOOL* *AND ITS IMPORTANCE FOR*
*BUSINESS IN TIMES OF PAUCITY OF FUNDS*
There needs to be a ‘double coincidence of wants’ For barter to occur between two parties, both parties need to have what the other wants.
Put a price tag on it: Successful bartering must result in the satisfaction of both parties. This can only happen if the items bartered are realistically valued. If you have an item you would like to trade, obtain an accurate appraisal. An item is only worth what someone is willing to pay for it.
Today, growing commercial and financial integration between countries with globalization leads to intense competition and
global economic crises. Due to these developments, the companies and even the Government have some difficulties carrying on their business and managing the
crises with traditional marketing and financing techniques. So they are turning alternative methods. One of them is the barter system meaning
buying and selling goods and services without using money. Barter is an innovated form of exchange system used as a trading method since
the early ages. Recently Nigeria should down play the use of barter system because barter offers companies and Government various benefits such as moving inventory, utilizing idle capacity, increasing sales, supplying
interest-free credit, debt configuration, foreign trade facilitation. The aim of this, is to examine barter from trade and financial
aspects and investigate the use of barter in businesses as a way to overcome paucity of funds that may lead to economic crises.
Conclusively , trade by barter system is an effective way for businesses to sustain their long-term presence. Therefore companies and the Government should use it to formulate
their strategies at all levels and crisis management plans.
Invariably, it is seen that legal regulations are needed in Nigeria for barter system to function properly.
This is my thought and my summation why trade by barter system should be applied.
Thank you.
Wow. This is a commendable move by the FGN and for the government to continue with arrangements by the former president. I wish this will bring positive improvement to Nigeria electricity. Hope the government will will put in place maintenance program For the staff that will be in charge.
Very commendable and applaudable efforts by Mr President. As much as efforts are puts in place for power generation we must also consider the challenges or bottlenecks in delivery of this initiative. Most importantly, it’s a welcome development to our people and to our economy as it enhances rapid growth and development in businesses across boards in the country. Thanks and God bless Nigeria
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This is a commendable efforts by the Federal Government of Nigeria and our viable Mr president for the progress
To make this efforts more progressive, there are some things to put into consideration:
1 There must be proper maintenance.
2 Availability of stable qualified experts
3 Honesty among the management of different unit, working together as a team.
4 Proper Funding from the government
5 Proper disbursement of capital into various areas of attention
6 Creating awareness to the country on social media on conservation of energy
7. Proper payment on the power utilized from people in the country, and making proper uses of the money for the maintenance.