The improved electricity in the country is set to receive another boost as a Chinese firm is investing in the sector.
State Grid Corp. of China (SGCC), has stated its interest in pumping in as much $12 billion in electricity transmission projects that will be built for the Transmission Company of Nigeria (TCN) through the Niger Delta Power Holding Company (NDPHC), second phase of National Integrated Power Projects (NIPP).
SGCC offered to invest the first $8 billion and then $4 billion later as equity and loan participation in key transmission projects in the second phase of the NIPP.
The Nigerian government has made increasing its power production exponentially a top priority. SGCC made the offer in a consortium with its other partners, CET Power and Westron.
SGCC was founded on Dec. 29th, 2002, as a pilot state-owned corporation by the State Council. As a backbone state-owned enterprise that may affect national energy safety and economic lifelines, SGCC’s core business is to build and operate power grids and provides secure and reliable power supply for the development of the society.