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Nigeria's President Bola Tinubu and German Chancellor Olaf Scholz oversaw the signing of the Presidential Power Initiative (PPI) agreement between their nations in Dubai during the United Nations Climate Conference (COP28). The agreement aims to add 12,000 megawatts of electricity to Nigeria's national grid. The Managing Director of the Federal Government of Nigeria Power Company, Kenny Anue, and the Managing Director (Africa) Siemens AG, Nadja Haakansson, signed the agreement. Anue highlighted President Tinubu's commitment to power infrastructure development, emphasizing that electricity and financing are central to the economic reform agenda. The PPI seeks to address both elements with support from partners Siemens Energy and German-backed financiers.

Anue stated that achievements under the Federal Government include establishing the FGN Power Company as the special purpose vehicle for project implementation. The German government has nominated mandated lead arrangers and financiers, and Siemens Energy has delivered 10 units of power transformers and 10 units of mobile substations. Chairman of Siemens Energy Supervisory Board, Joe Kaeser, expressed delight at the progress, tracing the agreement's history to the Muhammadu Buhari administration in 2018. Minister of Power Adebayo Adelabu shared the PPI's target of adding 12,000 megawatts to the national grid. With the signing, the process will proceed, ensuring a consistent power supply for Nigerians.

Adelabu highlighted the significant achievements of the PPI despite delays since 2018, including the impact of COVID-19 in 2020. The agreement focuses on end-to-end improvements in grid stabilization for Nigeria's power sector, aiming to enhance regularity, functionality, and affordability in the future. Adelabu revealed the project would be financed through a Government export credit facility provided by several German banks. The original agreement was for $2.3 billion, with current costs totaling around $60 million for the importation and installation of transformers and mobile substations delivered by Siemens. Key Nigerian officials attended the ceremony, including Attorney-General of the Federation Lateef Fagbemi, Minister of Aviation Festus Keyamo, Minister of Environment Balarabe Lawal, Minister of Transportation Said Alkali, Minister of Industry, Trade and Investment Dr. Dorris Anite, and Minister of Agriculture Abubakar Kyari.