NNPC To Invest In Electricity Generation, Transmission
The Nigeria National Petroleum Corporation, NNPC has said it plans to move into electricity generation and transmission.
Group Managing Director, Maikanti Baru disclosed this in a statement on Wednesday.
This is another attempt to resolve Nigeria’s long-standing and embarrassing power problems.
According to the statement, NNPC wants to transform "from an oil and gas company into an integrated energy outfit with interest in power generation and transmission."
It added that NNPC's "decision to diversify into the power sector was hinged on the need to bridge the huge energy gap in the Nigerian market."
The statement gave no details on the amount the NNPC plans to invest or any indication of a timeline.
Nigeria privatised most of its power sector in 2013 but retained control of the dilapidated monopoly grid operator, the Transmission Company of Nigeria (TCN).
If the country's power plants operated at full tilt, the transmission network could not handle the load.