Why Siemens’ Deal Is A Step In The Right Direction, By Sonny Iroche

Oyinlola Awonuga
Writer
Open GNigeria: The Debt Collectors Have Come To Find A Country Suffering From A Hang-over, By Sonny Irocherazing Ban: Where Do Southern Govs Want Herders To Go (Gombe Governor, Inuwa Yahaha): A Rejoinder, By Sonny Iroche

Ad

2027: Nigeria’s Defining Democratic Test – Imperative for a Free and Fair Elections.

By Sonny Iroche Introduction: A Nation at a Crossroads Since attaining independence from Britain on October 1, 1960, Nigeria has stood as a continental giant, Africa’s most populous country, blessed with vast natural resources, strategic geographical positioning, and a highly educated, industrious diaspora. Yet, in spite of these advantages, the nation’s democratic journey has been…

Sad! Senator Dies in Abuja Hospital While Raising Funds for Treatment

By Abiola Olawale Former Senator Ibrahim Musa Kontagora, who represented Niger North Senatorial District of Niger State at the Senate from 2011 to 2015, has passed away in an Abuja hospital on Thursday. Reports indicate that Senator Kontagora passed away after a Hospital in Abuja allegedly delayed a critical surgery due to an unpaid $15,000…

Why Oil Prices May Be Stuck Below $72

Kuwait expects oil prices to remain below $72 per barrel in the near term, Tareq Al-Roumi, the Oil Minister of one of OPEC’s top producers, said on Thursday. Brent crude prices were trading at around $67 per barrel early on Thursday. Kuwait, as well as OPEC, are monitoring the market and all statements coming from…

Ad

On July 22, 2019, the Federal Government of Nigeria signed an Agreement with the German Company, Siemens, in what is called the Presidential Power Initiative (PPI)- aimed at improving Nigeria’s extremely poor and epileptic Electricity supply value chain. 

The PPI is backed with an initial $2 billion, Export Credit Loan from the German Export Credit Agency (ECA). The 3 Phased initiative, is geared towards increasing the power generation and distribution capacities from the current 3000-4000 MW to first 7000MW by the year 2021, then the second phase to 11,000MW in 2023 and the third phase thereafter to 25,000MW. 

To any discerning Power analyst, the letter of the Agreement appears excellent. However, one major concern is that many lofty dreams of several past and present administrations have either been derailed, compromised, or sabotaged by our corrupt system and penchant of not keeping to the sanctity of Contracts and Agreements.

Let’s hope that an exception is made of this and that both parties to the Agreement, adhere strictly to the letter and spirit of the Agreement. 

If Nigeria is to industrialize and meet its growth and development potential, our current electricity power situation must be markedly improved from these shameful and pathetic levels. We need the services, experience, and expertise of an International reputable company such as Siemens to the rescue. And hope that they train and develop local human capacity.

Note: Iroche is a seasoned Finance Executive with over thirty years’ experience in Banking, Power and Public Service. He has served on various boards such as the International Glass Industries Limited and GTBank Sierra Leone. He was also a former Executive Director, Finance & Accounts
Transmission Company of Nigeria. Abuja

Ad

X whatsapp