Japanese Ambassador to Nigeria Matsunaga Kazuyoshi has signed Exchange of Notes with the Federal Government for the Lagos and Ogun Power Transmission System Improvement Project, to boost the transmission grid wheeling capacity.
Minister of Finance, Budget and National Planning Zainab Ahmed signed on behalf of the Federal Government.
A statement by Head of Development Cooperation, Embassy of Japan, Kato Masaharu, said the Japanese Yen Loan of 26,180,000,000, approximately USD 242.4 million, to the Federal Government was aimed at enhancing the transmission grid wheeling capability and the stability of the electric power supply of Nigeria by installing and improving the transmission lines and substation facilities within Lagos and Ogun State.
The statement added that the loan would be made available through JICA and the project would be implemented by the Transmission Company of Nigeria (TCN).
It said: “This loan is aimed at enhancing the transmission grid wheeling capability and the stability of the electric power supply of the Federal Republic of Nigeria by installing and improving the transmission lines and substation facilities within Lagos State and Ogun State, which are the industrial hub of the country, thereby contributing to the economic and social development of the Federal Republic of Nigeria.
“The loan will be made available through JICA and the project will be implemented by the Transmission Company of Nigeria (TCN).”
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