The German Vice Chancellor, Olaf Scholz, has revealed that his country is collaborating with the Economic Community of West African States (ECOWAS) to supply cheap electricity to member countries.
Daily Insight Nigeria reports that the German Vice Chancellor said this as he addressed a press conference after meeting with the ECOWAS’ President, Omar Alieu Touray, in Abuja on Sunday, October 29, 2023.
Olaf revealed that Germany is also partnering with ECOWAS in other areas, including pandemic prevention, security, and coup prevention in the region, stating that the European country had boosted its financial support to ECOWAS recently.
The ECOWAS President said that the bloc has received support of 81 million euros from Germany, bringing Germany’s aid to the bloc to about 500 million euros in the past decade.
Touray revealed that there is a plan to link electricity power production via West Africa from a centre in Cotonou in Benin Republic.
According to him, the project would allow West African states to get electricity from a cheaper source, translating to more affordable energy for ECOWAS.
Analysis from the CBN indicates that the value of Nigeria’s electricity export was N213.66 million in 2021 but declined to $155.56 in 2022, representing a 27% drop in earnings from crude oil exports. The development also means that Nigeria earned about $369.22 million in two years from electricity exports.
According to the Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, Nigeria has been exporting electricity, providing an avenue to earn FOREX for national development.
By Ajibola Adedoye