NIGERIA’S National Agency for Science and Engineering Infrastructure (Naseni) and the Chinese Great Wall Corporation have entered into an agreement to establish a transformer manufacturing plant in Kogi State.
Part of a grand plan to address Nigeria’s chronic power problem that has resulted in epileptic power supply, the programme will involve the factory being located at Okene. Currently the location of the Power Equipment and Electrical Machinery Development Institute (Peemadi), Okene will host this massive manufacturing facility valued at $170m.
Ao Pei Yong, a spokesman for the Chinese Great Wall Corporation, said that Nigeria project when completed will be the second largest transformer producing plant in Africa. Yesterday, he led a team of 10 officials from his firm, the China Railway Corporation, Huaye Group and the Bank of China to inspect the Naseni headquarters in Okene.
Mr Yong said the visit was basically to achieve two things, which include the process of setting up the transformer manufacturing plant and the initiation of the China railway project manufacturing processes in the country. He added that the visit was also to ensure that the harmonisation of government regulations and policies on all related issues were carried out.
He said: “We guarantee to establish everything on transformer and transformer making machines in this collaboration and promised that we will work together to achieve everything as specified in the MoU. The Bank of China can give financial backing in form of loans and financial advisory support to the project.
“The Bank of China interest rate is lower and also its operations meet financial requirements of Nigeria. They can also give us as far as 10 years moratorium for financial loan, so I think the budget cannot be a problem, as Bank of China is a strong supporter.”
Professor Mohammed Haruna, the executive vice chairman of Naseni, said Nigeria must continue to assemble all the power equipment required locally. He added that this needs to be done to provide efficient power supply services for the nation.