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Nigeria signs power deal with Chinese bank

The funds will be spent on strengthening and expanding transmission system in Nigeria. (Image source: james_jhs/Flickr)

The Nigerian federal government has signed a deal with China’s EXIM Bank worth US$500mn to improve power transmission capacity in the African nation

The power capacity improvement in Nigeria will be monitored and guided by the Transmission Company of Nigeria.

Power minister Chinedu Nebo said that the funds will be sourced from China’s EXIM Bank at low interest rate.

Nebo signed the Memorandum of Understanding (MoU), which will last two years, with China’s Xian Electric Engineering Company XD in Abuja recently.

The minister said that the funds will be spent on strengthening and expanding transmission system. He assured that the Manitoba Hydro International will ensure “appropriate design and delineation of the project from start to finish”.

Xian Electric Engineering Company XD general manager, Ji Junhua, signed on behalf of his firm.

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