Share
Nigeria to collaborate with Egypt on power reforms
Nigeria plans to collaborate with Egypt to overhaul its power grid and distribution systems as part of the Presidential Power Initiative with German engineering company Siemens AG. Joining CNBC Africa to discuss this and other developments in Nigeria’s Power sector is Oti Ikomi, CEO and Executive Vice-Chairman of Proton Energy.
Thu, 04 Mar 2021 11:49:47 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Positive impact of Egypt's collaboration with Siemens on power sector reforms
- Progress in Nigeria's power sector amidst the COVID-19 pandemic
- Importance of accelerating generation projects and swift execution for future success
Nigeria is set to collaborate with Egypt on a massive overhaul of its power grid and distribution systems as part of the Presidential Power Initiative with German engineering company Siemens AG. This collaboration aims to address Nigeria's power sector challenges and bring about significant improvements to the country's electricity supply. Oti Ikomi, the CEO and Executive Vice-Chairman of Proton Energy, recently discussed this partnership and other developments in Nigeria's power sector in an interview with CNBC Africa.
Ikomi highlighted the positive impact of Egypt's collaboration with Siemens on improving its power sector. Egypt, facing similar challenges to Nigeria, contracted with Siemens in 2014-2015 to enhance its power generation capacity. The successful implementation of a 2,400-megawatt power plant in Egypt showcased the efficiency and effectiveness of the collaboration. Nigeria, on the other hand, has faced delays in negotiating agreements and executing projects, leading to a lower electrification access rate compared to Egypt.
The interview also delved into the recent power reforms in Nigeria amidst the COVID-19 pandemic. Ikomi noted that despite the challenges posed by the pandemic, the country has made significant progress in the power sector over the past year. Initiatives such as cost-reflective tariffs, the Presidential Power Initiative focusing on transmission, and funding from the World Bank for distribution infrastructure improvements have contributed to positive developments in Nigeria's electricity supply.
Looking ahead, Ikomi emphasized the importance of accelerating generation projects and executing bankable agreements to attract foreign investment and create employment opportunities in the country. He stressed the need to move away from 'analysis paralysis' and focus on swift implementation to maximize the benefits for Nigerian citizens.
The collaboration with Egypt and Siemens presents a promising opportunity for Nigeria to enhance its power sector and address longstanding challenges. By leveraging the lessons learned from Egypt's successful reforms, Nigeria aims to improve electrification access, boost economic growth, and provide reliable electricity to its population.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.