The board of the African Development Bank has approved $210m (N64.26bn at the official exchange rate of N306 to $1) for power projects across the country being handled by the Transmission Company of Nigeria.
The TCN said on Thursday that AfDB gave the approval in a board resolution at its headquarters in Abidjan on Wednesday.
The transmission company said the fund would be used for its NTEP-1 projects, which it described as one of the projects under the Transmission Rehabilitation and Expansion Programme financed by AfDB.
It said the project was targeted at rehabilitating and expanding parts of the transmission grid in the North-West, South-South and the South-East.
It was gathered that the project would reconstruct old transmission lines and build new ones, as well as construct new substations to further increase TCN’s transmission capacity.
The General Manager, Public Affairs, TCN, Ndidi Mbah, said although the approval had just been given, the company had already concluded environmental studies, including resettlement action plan.
She explained that people who would be affected by the acquisition of the Right of Way for the proposed transmission lines had been identified and this had been submitted to AfDB.
Source: Punch Newspaper