The Federal Government has signed an agreement with German company, Siemens, to generate 11,000 megawatts by 2023.
The details of the deal was contained in a series of tweets from the verified handle of President Muhammadu Buhari on Monday afternoon.
According to the President, the target would be achieved in two phases. The first phase includes the generation of 7,000 megawatts of electricity by 2021.
The partnership comes on the heels of President Muhammadu Buhari’s meeting with German Chancellor, Angela Merkel, on August 31, 2018.
At the end of the signing, President Muhammadu Buhari urged Siemens, distribution and transmission companies, as well as the Electricity Distribution Company of Nigeria to work hard to achieve 7,000 megawatts by 2021 and 11,000 megawatts by 2023 and overall grid capacity to 25,000 MW.
He said, “My challenge to Siemens, our partner investors in the Distribution Companies, the TCN, and NERC, is to work hard to achieve the target of 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 of this initiative, respectively.
“Our intention is to ensure that our cooperation is structured under a Government-to-Government framework. No middlemen will be involved, so that we can achieve value for money for Nigerians.
“We also insist that all products be manufactured to high quality German and European standards and competitively priced.
“This project will not be the solution to ALL our problems in the power sector. However, I am confident that it has the potential to address a significant amount of the challenges we have faced for decades.”
The President expressed hopes towards the improvement of the power situation in the country.