NEWS

AfDB To Invest $250m On Nigerian Electrification Project

Minister of Power, Adebayo Adelabu, announced that the African Development Bank has committed $250 million to finance the Nigerian Electrification Project (NEP).

Adelabu made this announcement during an update shared on Thursday at the “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea, following a successful Bilateral Cooperation meeting.

This assurance followed a temporary blackout in the country earlier that day caused by a fire outbreak at the Kainji/Jebba 330kv line 2 due to an explosion. The NEP is a nationwide initiative aimed at providing energy access to communities in Nigeria that currently lack it.

During the conference, presided over by AfDB President Dr. Akinwumi Adesina, the minister emphasized that the Bank was prepared to disburse the funds. This gathering brought together key stakeholders to discuss essential energy and agricultural transformations for the African continent.

“This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization,” Adelabu wrote.

“AfDB also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project under the Rural Electrification Agency and extended support to Northern Nigerian states through the $ 20 billion 10,000MW Northern Africa Desert to Power fund.”

The project aims to benefit more than 600,000 individuals, around 100,000 households, approximately 70,000 MSMEs, and eight universities by providing them with new or improved access to electricity services. Additionally, it will establish a conducive environment for private sector engagement, with a specific focus on promoting opportunities for women through integrated initiatives such as the collection of gender-disaggregated data and gender-targeted marketing efforts.

In contrast, the Energy Progress Report 2022, published by Tracking SDG 7, highlights that Nigeria has the lowest electricity access rate globally, with roughly 92 million out of the country’s 200 million population lacking access to power.

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