AfDB Grants Nigeria $200m Loan For Electrification

AfDB Grants Nigeria $200m Loan For Electrification

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The African Development Bank (AfDB) on Monday approved $200m for Nigeria to fund its rural electrification projects in the country.

According to a statement by the AfDB, the bank’s board of director approved the sovereign loan to bankroll the Nigeria Electrification Project (NEP).

“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.

“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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Egobiambu Emmanuel is a Mass Communication graduate from the University of Benin. He is a media enthusiast, loves reading and writing, and has a special interest in personal development. Emmanuel is a reporter with Concise News.

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