FG, JICA Inaugurate Emergency Power Supply Project

electricityA view of the power lines as evening settles. Photo by David McNew
  • FG, JICA Inaugurate Emergency Power Supply Project

The Federal Government and the Japanese International Cooperation Agency on Thursday inaugurated projects for emergency improvement of electricity supply facilities.

According to both parties, the power capacitor bank project will help improve the voltage of electricity supplied to selected locations across the country.

This is coming as the Minister of Power, Works and Housing, Babatunde Fashola, argued that it was wrong to say power investors were leaving Nigeria and stressed that on the contrary, the appetite for investments in the sector was still high.

Fashola, officials of JICA, as well as those from the Transmission Company Nigeria, spoke at the official inauguration of the 60MVAR power capacitor bank in Abuja, which will serve the Federal Capital Territory and neighbouring states.

The second power capacitor bank, which will serve other locations, is located in Keffi and will be handed over to the Federal Government by JICA in June this year.

On investments in the power sector, Fashola stated, “This morning, somebody said all the investors are leaving Nigeria. But please play the speech of the Japanese Ambassador, Sadanobu Kusaoke, to this person that, not only have they (JICA) completed these projects, they are undertaking another one in Lagos and they are going to do more.”

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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; Email: [email protected]; Tel: +2347065163489.

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