Nigeria electrification project gets $200m boost
Nigeria’s Electrification Project (NEP) has received a $200 million loan from the African Development Bank (AfDB) and China through the Africa Growing Together Fund.
The NEP – which aims to improve rural electrification in the country – will support the government’s efforts to facilitate off-grid solutions and see the installation of dedicated power systems for Federal Universities.
In a statement released on Tuesday, the AfDB said the financing would support Nigeria’s efforts to address the critical energy deficit in the country, and catalyze universal energy access by 2030.
The NEP, which speaks to the country’s embrace of mini and off grid solutions as a means to drive private sector participation in the sector, will be implemented by the Rural Electrification Agency.
“We are extremely pleased with the African Development Bank’s decision to support NEP. By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” said Damilola Ogunbiyi, Managing Director of the Rural Electrification Agency.
On the importance of private sector involvement in improving electricity access on the continent, the AfDB’s President for Power, Energy, Climate Change and Green Growth, Amadou Hott said: “Given the limited amount of public financing available, projects that catalyze private sector investment are critical in enabling the bank and its regional member countries meet their shared objective of electrifying the continent within the next decade.”
The NEP is part of the bank’s New Deal on Energy fro Africa, the High 5 Priorities and the bank’s Climate Change Action Plan.