Nigeria’s Vice President, Prof. Yemi Osinbajo has revealed that the Transcorp Afam 3 power plant with a capacity of 240-megawatt will boost Nigeria’s electricity supply industry.
Osinbanjo made this revelation during his keynote address at the unveiling of the Afam 3 Fast power 240-megawatt (MW) turbine inauguration in Rivers state on Tuesday.
The vice president said the three years project was executed in collaboration with General Electric and the Federal Government will boost power generation and supply in the country.
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He said “Three years ago, in November 2020, the FG and the Transcorp Power Consortium signed a share sale and purchase agreement concerning Afam Power Plc and Afam 3 Fast Power Limited, which is expected to add 966 megawatts of electricity to the national grid.
“Also during that period, service-based tariffs led to a doubling of collection in the country disco from N40 billion in 2020 to N80 billion in the first quarter of 2023.
“However, with this unveiling, the Nigeria Electricity Supply Industry will be able to pay for itself, with the continuation of this trajectory.”
Osinbajo also highlighted that the current administration has made it possible for Rural Electrification Agency to have the capacity to provide electricity supply on a first-class basis.
Also speaking at the Afam 3 unveiling, the Chairman of Transcorp Group, Tony Elumelu, noted that the three years journey was not easy.
Elumelu said Transcorp group has executed the largest recovery from a generated power plant in Nigeria by increasing the capacity of electricity generated from Transcorp power plant Ughele from 160MW to over 600MW within five years.
He also noted that the project commissioning will aid businesses, schools, institutions, and hospitals while stressing that as a key stakeholder in the power sector, he will leverage the sector to lift people out of poverty.
He said “Afam 3 is a success, we have delivered from, capacity recovery, plant investment, infrastructure improvement, excellent Conti relationship, and a transformed and motivated Nigeria workforce.
”Transcorp group is a key stakeholder in the power sector, and we recognize the power to lift our people out of poverty and enable job creation. Because to do well, you have to do good, and power is a public good and catalyst to better Nigeria.”