African Development Bank (AfDB) is prepared to disburse $250 million to boost Nigeria’s rural electrification project.
The Nigeria Electrification Project (NEP), initiative of the Rural Electrification Agency (REA), is set to receive a $250 million boost.
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Basically, the $250 million package of the AfDB, which had previously been approved for the project, is now ready to be disbursed.
The Minister of Power, Adebayo Adelabu, revealed this after a bilateral cooperation meeting with the AfDB cabinet.
Presiding over the meeting at the “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea.
President, Dr. Akinwumi Adeshina, confirmed the Federal Government’s readiness to extend support to Northern states.
Also, he said this support would come through the $20 billion 10,000MW Northern Africa Desert to Power fund.
According to him, the Northern states would benefit from the AfDB’s $20b “Desert-to-Power” initiative, aimed at developing 10,000 MW of solar power for 11 African countries.
Also, at the Bilateral Cooperation meeting with the AfDB cabinet, the minister said the Nigerian delegation secured an In-Principal Agreement from AfDB for Technical Advisory Sponsorship, encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.
The aim of the Technical Advisory sponsorship, he explained, was to establish operational capacity across the value chain, facilitating project prioritisation.
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“In a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet, presided over by AfDB President, Dr Akinwunmi Adeshina at the ongoing “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea.
the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure,’’ he added.
“This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritisation.
Furthermore, the minister hinted that the “AfDB confirmed readiness to extended support to Northern Nigerian states through the $20bn 10,000MW Northern Africa Desert to Power fund”.
