- AFD to invest €300 Million in TCN
- The funds will be invested in Abuja Electricity backup
- An additional €200 million to be expended in the North-West
The Agence Francias de Development (AFD) has announced plans to invest €300 million into the Abuja Electricity Backup project. The project is in collaboration with the Transmission Company of Nigeria (TCN).
The AFD Country Director, Pascal Grangeau said that despite Nigeria having the largest concentration of installed generating capacity in West Africa, the country suffers from inadequate generation. He said the funding will go a long way in improving the electricity supply in the country. “The sector is of strategic importance for successive governments, with the launching in the 2000s of a vast reform, supported by a massive investment plan; which reform although supported by the donors is yet to achieve the expected results. The project aims to strengthen the electricity transmission network, natural monopoly under the responsibility of the public company TCN, thus laying the foundations for a long-term partnership with TCN”, he said.
The AFD also said an additional €200 million in funding will be expended in the North-West region of the country.