FG’s N4bn transformer manufacturing plant underway

Chinese Great Wall Corporation and the National Agency for Science and Engineering Infrastructure (NASENI) are set to establish a local transformer manufacturing plant in Nigeria.  The plant which will be sited in  Okene, Kogi State-permanent site of the Power Equipment and Electrical Machinery  Development Institute (PEEMADI), one of NASENI development institutes is valued at $170 […]

Chinese Great Wall Corporation and the National Agency for Science and Engineering Infrastructure (NASENI) are set to establish a local transformer manufacturing plant in Nigeria.
 The plant which will be sited in  Okene, Kogi State-permanent site of the Power Equipment and Electrical Machinery  Development Institute (PEEMADI), one of NASENI development institutes is valued at $170 million ( N4billion).
Speaking yesterday when he led a team of ten officials of Chinese Great Wall Corporation, China Railway Corporation, Huaye Group and Bank of China for a facility tour of NASENI Headquarters, Chinese Great Wall Corporation spokesperson Mr. Ao Pei Yong said the Nigeria project when completed will be the second largest transformer producing plant in Africa.
According to Ao Pei Yong, the visit was basically to achieve two things: the process of setting up the transformer manufacturing plant and the initiation of China Railway project manufacturing processes in the country, adding that the visit was also to ensure that the harmonization of government regulations and policies on all related issues were carried out.
“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”, he said.
On the role of Bank of China, he said, “the bank can give financial backing in form of loan and financial advisory support to the project. Bank of China interest rate is lower and also its operations meet financial requirements of Nigeria. They can also give us as far as ten years moratorium for financial loan. So I think the budget cannot be a problem, bank of china is a strong supporter.”
In his speech during the meeting, the Executive Vice Chairman of NASENI, Engr. Prof. Mohammed Sani Haruna said Nigeria could not continue to assemble only the power modules but must upgrade to local production to provide efficient power supply services for the nation.