The Federal Government has signed an agreement with the government of Japan for the rehabilitation of the Lagos Transmission Substation.
The Minister of Budget and National Planning, Senator Udo Udoma, signed on behalf of the Federal Government while the Japanese Ambassador to Nigeria, Mr. Yutaka Kikuta, signed on behalf of the government of Japan.
The minister said the project was donated by the Japanese government at the cost of ¥2.349bn ($21.08m).
Udoma, according to a statement on Saturday, stated that attaining self sufficiency in the power sector is one of the goals of the Economic Recovery and Growth Plan of the Federal Government.
He said, “As you know, the ERGP sets out our four-year plan for the transformation of our country.
“The ERGP aims to restore growth, invest in people and build a globally competitive economy.
“But not just to restore growth, but a growth that is diversified, inclusive and sustainable.
“Among its execution priorities is the attainment of energy self-sufficiency in power and petroleum products.”
He recalled that in 2016, Nigeria signed an Exchange of Note for emergency improvement of power supply in Abuja with the Government of Japan, adding that the project had been completed and contributing to power supply in the federal capital.
He added that Japan had equally played a role in the design of a master plan for the development of a national power system in Nigeria.
In his remarks, the Japanese Ambassador stated that power supply was crucial to industrialisation in any country, adding that this was one of the factors foreign investors considered before coming into the country.
He said the need to strengthen power infrastructure in Lagos was because of its economic position as a commercial and industrial centre of Nigeria.
This, he noted, underlined the strategic importance of the project.