The Federal Government this Thursday in Abuja, sealed a deal of $11m (N2.17bn) with the Japanese Government for an emergency improvement of electricity supply facilities.
This project is aimed at procuring and installing power capacitor banks at the existing two sub-stations in Abuja and the neighbouring Nasarawa State.
It will also decrease the transmission loss and assist in stabilising power supply to approximately 7,000 households within the Federal Capital Territory.
The Ambassador of Japan to Nigeria, Sadanobu Kusaoke, signed on behalf of his country, while the Minister of Budget and National Planning, Senator Udo Udoma, signed the pact on behalf of the Federal Government.
Udoma stated: “The sustained implementation of this project is expected to pave way for a significant access to quality, socioeconomic services, thereby leading to a reduction in unemployment in the country and promoting community empowerment.
“The Federal Government remains committed to working closely with various stakeholders in the economy to achieve sustainable economic development. This ministry will ensure that we create an enabling environment required for the sustainability of this partnership,” he added.
The Japanese envoy, Kusaoke said Nigeria’s power sector had been one of the priorities in his country’s development cooperation with Nigeria.
He added: “The power sector is a key to improve the quality of life for people and also to promote the industry. Power supply is one of the determinant factors when both domestic and foreign investors decide whether or not to invest in a county.”