Buhari’s Govt. Secures Another 61 Billion Naira From AfDB To Fund Electricity Projects
President Buhari’s government is planning to give electricity to people who live in rural areas.
To achieve that objective, the federal government has now secured a $200 million, about 61-billion-naira loan from the African Development Bank, AfDB to fund electrification projects in the country.
In a statement on Monday, the bank said its board of directors approved the sovereign loan to finance the Nigeria Electrification Project (NEP).
While AfDB approved $150 million, the Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People’s Bank of China and administered by AfDB, approved a $50 million to co-finance the project.
According to the statement, the joint financing will support rural electrification efforts in Nigeria by facilitating private sector development and the rollout of off-grid solutions, as well as the installation of dedicated power systems for federal universities.
“The joint financing from the Bank and AGTF will support the Federal Government of Nigeria’s efforts to address critical energy access deficit in the country and catalyze achievement of universal energy access by 2030 targets,” the statement read.
It added: “The NEP, which will be implemented by the Rural Electrification Agency (REA), presents an innovative approach to address the energy access deficit by channeling private sector investments into commercially viable mini grid and off-grid solutions.”
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