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Finance - News around Africa - Profiles - March 10, 2020

AfDB to Invest $200 million in Nigeria Power Sector

The African Development Bank (AfDB) has disclosed its plans to invest $200 million to boost the power sector in Nigeria. The bank’s board approved the funds to the sector through the Rural Electrification Agency (REA).

Acting Vice President, Power, Energy, Climate and Green Growth Complex (AFDB), Wale Shonibare, said this when he led some management staff of the bank on a visit to the Minister of State for Power, Goddy Jedy-Agba, in Abuja on Monday.

Wale Shonibare – Acting Vice President, Power, Energy, Climate and Green Growth Complex, AfDB

Shonibare reiterated the commitment of the AfDB to the power sector in Nigeria and its willingness to invest more. He also talked about upcoming plans in the works, one of which involves creating a programme to dedicate power systems to Federal universities,

“The AfDB is very active in the power sector of Nigeria and we are ready to do more. The board has approved $200 million to the sector through the REA. We are supporting the programme to roll out mini-grids across the country and also to encourage productive use of the grids to upgrade communities

“We are also involved in energising education, a programme under which we are dedicating power systems to eight Federal universities,’’ he said as reported by The Nation.

Speaking further, Shonibare said the bank was also involved in the transmission sector of the country as it had a $410 million project to support transmission. According to him, $200 million has already been approved by AfDB board for phase one to improve transmission lines and provision of sub-stations.

READ MORE: AfDB has a $20 Billion Investment Portfolio in ECOWAS

“I understand that the agreement was signed last week and we expect the project to progress. We are involved in the Jigawa power project, we have approved a grant of one million dollars to support the feasibility study for phase one and the studies are almost completed,’’ he added.

AfDB to Invest $200 million in Nigeria Power Sector
Goddy Jedy-Agba – Minister of State for Power, Federal Republic of Nigeria

Responding, Mr Jedy-Agba said that the Federal Government was willing to do more in partnership with AEDB to provide electricity for Nigerians. He said power was the bedrock of development, adding that if the country could get it right with technology, they could also do the same with power.

He assured the AfDB team that any money given to the power sector would be judiciously utilized and accounted for.

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