The Minister of Power, Professor Chinedu Nebo, Friday in Abuja, signed a Memorandum
of Understanding with a Chinese Company – Shandong Power Equipment Co Ltd (SPECO) for the construction of a new national grid system.
Speaking at the brief ceremony, the Minister said SPECO has the financial muscle to undertake the project, with net-worth assets in excess of $300 billion USD, SPECO also possesses the expertise to make the difference in our quest to build a robust and vibrant national grid.
He observed that the existing grid line is not competitive enough, as the 330KVA currently in use in Nigeria is far below China, India and the U.S that have systems that exceeded 1,050KVA transmission capacities.
As Nigeria is currently at the threshold of the launch of its ambitious National Industrial Revolution, Power would be required to drive it – Industrial Revolution Plan will be dead without Power and Power will be dead without Transmission”, he said.
Earlier, the representative of the Chinese Company – SPECO, Kay Zhang, said the company has what it takes to provide Nigeria with world class Transmission project.
SPECO he said, is currently serving 1.1 billion Chinese, covering about 88% of China land, the company he said, is 7th of the top 500 companies in the China.
