Presidency: FG set to create job opportunity for non-graduate, students and graduates

The Presidential Power Initiative (PPI):
a. Will deliver improved power supply nationwide, with attendant results in job creation, investor confidence, cost and ease of doing business and economic growth. #NigeriaPPI

b. Will provide training & capacity building for thousands of young Nigerians (non-graduates, students & graduates)

c. Will create economic opportunities for Nigerian engineering companies that will serve as local vendors for the provision of manpower and equipment.

Chancellor brought along with her a business delegation that included the Global CEO of Siemens. Nigeria and Germany agreed to explore cooperation in a number of areas, including Power.

The PPI journey started on August 31, 2018, when Chancellor Angela Merkel visited Nigeria and met with President Buhari.

“Our goal is simply to deliver electricity to Nigerian businesses and homes… Our intention is to ensure that our cooperation is structured under a Govt-to-Govt framework. No middlemen will be involved, so that we can achieve value for money for Nigerians.” — President

The President has also directed that to ensure value for money and preserve the integrity & transparency of the procurement process under the Govt-to-Govt framework, Siemens AG shall be solely responsible for nominating its EPC partners to perform all onshore works; NO middlemen.

... under this Presidential Power Initiative (PPI), as well as in undertaking an independent company valuation of the DisCos.

To ensure fairness and transparency of the intervention, the President has also directed that @NigeriaGov
 engage the International Finance Corporation (‘IFC’) to assist in developing the commercial structure of the intervention...
President Buhari has directed the Ministries of @PowerMinNigeria and @FinMinNigeria, and the Bureau of Public Enterprise (BPE) to conclude the engagement with Siemens AG to commence the pre-engineering & concessionary financing aspects of the Presidential Power Initiative.

The funding for the PPI will be secured under concessionary terms (up to 3-year moratorium and 12-year repayment at concessionary interest rates) through the German Euler Hermes cover, which @NigeriaGov
 will on-lend as a convertible loan to the other shareholders in the DisCos.

President Buhari has approved the release of funding for the first part of Phase 1 of the PPI, to kick-off the pre-engineering and concession financing workstreams.