Good News As Japan Grants Nigeria $242m Loan To Improve Electricity
Japan has granted a loan of JPY 26,180,000,000 (the equivalent of $242.4 million) to Nigeria to improve its electricity supply and promote economic stabilisation and development efforts.
The loan meant for the “Lagos/Ogun Power Transmission System Improvement Project” has the Transmission Company of Nigeria (TCN) as the implementing partner.
The project is designed to enhance the transmission grid wheeling capacity of TCN and ensure steady electricity to industries.
The Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga signed the Exchange of Notes (E/N) with the Minister of Finance, Budget and National Planning Zainab Ahmed to seal the deal on Monday.
Credit:telegraphng.com