The Federal Executive Council (FEC) has approved Nigeria’s contribution of $2 million to the 2020 budget of the West African Power Pool (WAPP).
This was disclosed by the Minister of Power, Saleh Mamman, on Wednesday at the end of the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Mamman noted that the specialized pool covers 14 of the 15 countries of the regional economic community which are Benin, Côte d’Ivoire, Burkina Faso, Ghana, Gambia, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal and Sierra.
The West African Power Pool (WAPP) was created by a decision at the 22nd Summit of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in 1999.
According to Saleh, the pool is about having synergy within the West African region, and participation in the regional market will generate immediate foreign exchange for Nigeria as oil revenue is declining.