CBN Signs N213bn Agreement with Power Sector Players

The Central Bank of Nigeria (CBN) and key players in the power sector, including gas suppliers, electricity distribution and generation companies, among others, on Tuesday signed a N213 billion definitive agreement to begin the implementation of the CBN-Nigeria Electricity Market Stabilisation Facility (NEMSF).

This is expected to be followed by disbursement of funds and monitoring of the implementation of the agreements.

Speaking at the ceremony in Abuja, the CBN Governor, Mr. Godwin Emefiele, said the intervention would reset the economics of the power sector and address liquidity challenges occasioned by legacy debts and revenue shortfall in the sector.

He said all parties have had to make compromises in order to make progress in the interest of the country.

Emefiele however stated that

First 13mw embedded power generation plant in Nigeria set for commissioning

The first embedded power plant in the country which is built to generate 13.2 megawatts (MW) of electricity is billed to be commissioned within the next two weeks, according to sources close to the project.

This is coming on the heels of the recent efforts put in place by the Nigerian Electricity Regulatory Commission (NERC) to ensure that the gaps in power supply in the country are bridged through embedded power generation.

Olaniji Aisida, the project coordinator, tells BusinessDay that the plant is owned by First Power Limited, the lease holders on the old Ijora power station in Lagos, and has two generators with a capacity of about 7.5 MW and 5.5 MW, respectively.

Within the station exists the Transmission Company of Nigeria (TCN) evacuation infrastructure.

Aisida says the plant is expected to get its gas supply from