Japan Grants Nigeria $242m Loan To Improve Lagos, Ogun Power Transmission System Project
Matsunaga, Japan Ambassador to Nigeria
The Government of Japan has extended a Japanese Loan of JPY 26,180,000,000 (equivalent of 242.4 million USD) to the Government of the Federal Republic of 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 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.
The objective of the Project is to enhance the transmission grid wheeling capability and the stability of the electric power supply of the Federal Republic of Nigeria by installing and improving the transmission lines and substation facilities within Lagos State and Ogun State which are the industrial hub of the country, thereby contributing to the economic and social development of the Federal Republic of Nigeria.