TCN Achieves 80% Completion of Lagos Projects with CBN Power Intervention
The Transmission Company of Nigeria (TCN) has reported that it has achieved over 80% completion of the power projects funded through the Central Bank of Nigeria’s (CBN) N123 billion intervention in the power sector. Mr. Matthew Ajibade, the Programme Manager at TCN in Lagos, made this announcement during an inspection of various projects under the CBN intervention in Lagos.
The projects, approved by CBN in August 2022, encompass 53 contracts across all Distribution Companies (Discos) in Nigeria, with a total sum of N122.29 billion allocated for intervention in the nation’s power sector. The inspection involved stakeholders, including top management staff from CBN, Eko Electricity Distribution Company, Ikeja Electric, and TCN staff.
“These projects were identified by the stakeholders to address the transmission and distribution bottlenecks to allow seamless evacuation of power from generation to distribution network.
“So, the projects were conceived about two years back through an open competitive procurement process that led to the award of 53 contracts to different contractors.
“We are here, today, for the inspection of those projects and consignments that have already arrived in some selected sites.
“We plan to deliver this project before the set deadline date.
“The project itself is in two categories; some are supply contracts and we have others that are Engineering, Procurement and Construction (EPC).
“So far, 80 percent of the projects have been completed and we are sure that by May 2024, we will have completed all the projects here in Lagos,” he said.
Ajibade said that the reason for the inspection was to show the whole world that the project was not abandoned as thought.
“We have done several factory inspection visits to test some of those transformers, especially those that have already arrived. We are here today to inspect them.
“The objective of this intervention is to address all these bottlenecks between transmission and distribution and at the same time, to enhance the social economy activities of the country.
“CBN intervention is Naira denominated and all the contractors are local. They are all registered in Nigeria,” he said.
The Programme Manager at TCN, Mr. Matthew Ajibade, mentioned that the anticipated impacts of the completed projects are expected to add 1,500 Megawatts to the power grid. He noted that these additional power generation capacities would be distributed across various levels within each distribution company, contributing to the overall improvement of the power sector in Nigeria.
“We are expecting a great improvement in the nation’s power sector as there will be adequate capacity available for the Discos to wheel power to their network from the transmission network,” he said.
Responding, Mr AbdulRazaq Tumba, the Assistant Director and Head, of Infrastructure Finance Office, CBN, said he was impressed with the level of work on the projects.
“In Isolo Transmission Station, we could see that the job is over 70 percent completed, just awaiting the equipment from TCN for installation.
“In Ojo station, we can also see 100 percent achievement. The two requested transformers, with accessories, have been supplied. The only one left will be deployed to another site,” he said.
Tumba said that the purpose of the projects was to improve power supply and address some of the critical economic issues within the country.
“The projects are timely and when completed, millions of Nigerians across the nation will benefit not only the electricity but also the locals who have been employed locally to work.
“It will also boost economic activities, as there’ll be more cash in the system going round, and there’ll also be more manufacturing tools being produced within the country.
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“As you can see most of this equipment has been done locally, except the heavy ones, which we don’t have the components here in Nigeria.
“About 90 percent of the components for these projects are produced locally”.
