Federal Govt Gets Japan’s $242.4m Loan For Lagos, Ogun Power Project

As part of its effort to promote economic stabilisation and development in Nigeria, Japan has extended a $242.4 million loan to the federal government for the implementation of the Lagos and Ogun Power Transmission System Improvement Project.

In a press statement issued by the embassy, the Ambassador Extraordinary and Plenipotentiary of Japan to the Federal Republic of Nigeria, Matsunaga Kazuyoshi, signed the exchange of notes with the minister of finance, budget and national planning, Zainab Ahmed, for a Japanese Yen loan recently.

The statement stated that the project is one of the guiding principles of the Tokyo International Conference on African Development (TICAD).

The statement reads in part, “On 15th December 2022, the Ambassador Extraordinary and Plenipotentiary of Japan to the Federal Republic of Nigeria, H.E. Mr. MATSUNAGA Kazuyoshi, signed the Exchange of Notes (E/N) with H.E. Zainab Shamsuna Ahmed, Honourable Minister for Finance, Budget and National Planning, for a Japanese Yen Loan for implementing ‘the Lagos and Ogun Power Transmission System Improvement Project’ to enhance the transmission grid wheeling capacity in 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 promote the economic stabilization and development efforts of the Federal Republic of Nigeria.

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“This project is one of the guiding principles of the Tokyo International Conference on African Development (TICAD). The people and the Government of Japan hope this project will enable TCN to enhance their operation and services within Ogun and Lagos States and the Federal Republic of Nigeria.

“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.”