FEC Approves $200m for West African Power Pool

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  • FEC Approves $200m for West African Power Pool

The Federal Executive Council has approved $200 million as part of Nigeria’s contribution to the West African Power Pool project.

The Minister of Power, Saleh Mamman, disclosed this after the Federal Executive Council meeting on Wednesday in Abuja.

He said, “The Ministry of Power has presented this memo seeking for the ratification; the approval of the president to release two hundred million dollars, that is, part of our contribution to the West African Power Pool and it has been graciously approved.”

The West African Power Pool (WAPP) was founded in 1999 by the Economic Community of West African States (ECOWAS) to improve and establish a reliable power grid in the West African region and create a common market for electricity.

Member nations are Benin, Burkina Faso, Ghana, Guinea, Guinea Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, The Gambia, Togo, Senegal, and Sierra Leonne.

Implementing the Energy Master Plan developed for the West African power generation and transmission infrastructure will cost an estimated $36.4 billion or N13.2 trillion.

The Chairman of WAPP, Mr. Usman Gur Mohammed, who is also the Managing Director of the Transmission Company of Nigeria (TCN) said, “It is a market that shall spur confidence and attract the private sector to take up investments without anxiety. It shall represent another positive step in the removal of borders among the ECOWAS Member States.”

The FEC also approved another N200 billion loan for Bank of Industry, a facility expected to improve job creation and enhance industrialisation in Nigeria.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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