Nigeria's Transmission and Circulation System Builds US$ 1.5 Billion International Finance
Nigeria Power Transmission Corporation revealed a couple of days ago that Nigeria's transmission as well as circulation system development job has actually received up to 1.5 billion US bucks in international financings.
In February of this year, the World Bank authorized an international advancement company to offer 486 million U.S. bucks well worth of car loans for the upgrade of the Nigerian transmission system. At the very same time, the African Development Bank likewise gave 200 million U.S. dollars for domestic transmission tasks, 144 million U.S. dollars for Islamic Development Bank, and 200 million U.S. bucks for Japan International Cooperation Agency.
Usman Mohammed, the company's president, stated that because of the weak power facilities and the expanding need for electricity, residential power materials commonly suffer from power failures. In order to solve this problem, it is necessary to reform as well as increase the transmission as well as distribution system. This year, the company has obtained a total of US$ 1.5 billion in international financings in order to help create domestic transmission as well as circulation framework.
The Nigerian transmission firm stated in the statement that financings from the international area will help the residential transmission and also distribution framework to increase as well as increase, thereby enhancing domestic power supply capability as well as promoting economic as well as social growth.