The Transmission Company of Nigeria (TCN) has revealed plans to stimulate its operations with $8 billion (N1.2 trillion). The capital investment will fasten the achievement of a 20,000 megawatts (MW) electricity target.
Mohammed Shaike, Executive Director of the TCN, revealed this while hosting members of the Nigerian Senate Committee on Privatization in Osogbo, Western Nigeria.
He said the power firm will work jointly with the Infrastructure Concession Regulatory Commission (ICRC) to achieve the target.
According to him, the technical manpower of the TCN had been boosted by virtue of technical and strategic skills they acquired during trainings abroad organized by Manitoba International ‐ the management contractors of TCN.
TCN’s General Manager, M.J. Lawal added that plans have been made to upgrade the transmission lines in order to accommodate more voltage to distribute to the distribution companies.
Olugbenga Obadara, Chairman of the Senate Committee on Privatization, expressed his displeasure at the low level of investment in power generation.
He also urged the Nigeria Machine Tools (NMT) Limited to take the company to the capital market in order to raise more funds for its operations.
Also, some 248 container loads of electricity equipment imported into the country over the past seven to eleven years have been recently cleared from the Nigerian Customs.
The expectation is that these equipment would be used to boost power generation, transmission and distribution for the country.