Vice President, Professor Yemi Osinbajo, SAN, on Tuesday, May 9, 2023, unveiled the Afam III Fast Power 240-megawatt turbine in Rivers state.
The project, a subsidiary of the Transcorp Group, is located in Oyigbo, on the outskirts of Port Harcourt, the Rivers state capital.
At the event, VP Osinbajo also announced that Transcorp Power had been approved as the preferred bidder for the Abuja Electricity Distribution Company (AEDC).
In 2020, Transcorp acquired 100% of Afam GenCo, comprising the new Fast Power and the existing plant (~1,000MW installed capacity total).
60-year-old Nigerian economist and famous businessman Tony Elumelu chair the Transcorp Group.
Apart from the power sector, his investments span oil and gas, finance, healthcare, hospitality, and real estate.
News.ng lists the six benefits Nigeria will gain from the new facility in the south-south region of Nigeria.
1). The project will add 966 MW to the national grid of Nigeria.
2). The investment triggered a surge in the interest of people in business across Nigeria in the power sector.
3). The project will catalyze job creation and give back to the community.
4). The facility will provide sustainable economic growth in Nigeria and encourage indigene employment.
5). With this facility, the Nigerian electricity industry will attain self-sufficiency and provide sustainable power to citizens’ homes.
6). The project will positively affect the power sector and the Nigerian economy as a whole.
Experts say with such investments in the power sector; unstable electricity will become a thing of the past in Nigeria.
