Federal Government of Nigeria has signed Exchange of Notes with Japanese Ambassador to Nigeria Matsunaga Kazuyoshi for the Lagos and Ogun Power Transmission System Improvement Project, to enhance the transmission grid wheeling capacity.
The Minister of Finance, Budget and National Planning Zainab Ahmed signed on behalf of the Federal Government.
According to a statement signed by Head of Development Cooperation, Embassy of Japan, Kato Masaharu, the Japanese Yen Loan is approximately USD 242.4 million.
The loan will enhance the transmission grid wheeling capability and the stability of the electric power supply of Nigeria by installing and improving the transmission lines and substation facilities within Lagos and Ogun State.
The statement added that the loan would be made available through JICA and the project would be implemented by the Transmission Company of Nigeria (TCN).