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Nigeria to inject $1.6 billion in electricity market

Christian Fernsby ▼ | August 21, 2019
The Transmission Company of Nigeria (TCN), says that the federal government has approved N600billion ($1.6 billion) for electricity market to boost power supply.
Nigeria electricity
Africa   Nigeria electricity
Edmund Ejie, the Market Operator of TCN said this on Wednesday in Abuja, at the 3rd quarter Participants and Stakeholders Interactive forum for 2019.

Topics: Nigeria electricity

The forum has as its theme: “Rules Compliance for Nigerian Electricity Market (NEM) Development and Sustainability’’.

Mr Ejie said the intervention by the federal government was at a very advanced level, adding that it had already been signed by President Muhammadu Buhari.

According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market.

“The whopping sum of money has never been injected into the power sector before but even when it is privatised, the government is spending more telling you that the privatisation is given a red flag.

“The fund will be ready for disbursement any moment from now.’’

He explained that the intervention was not restricted to a single chain in the market, as it was holistic.

Usman Mohammed, the Managing Director of TCN said that one of the factors that would make the Nigerian Electricity Market Participants thrive was by complying with rules, codes and orders.