https://en.sputniknews.africa/20230915/nigerian-power-grid-to-receive-250-million-from-african-development-bank-1062125304.html
Nigerian Power Grid to Receive $250 Million From African Development Bank
Nigerian Power Grid to Receive $250 Million From African Development Bank
Sputnik Africa
The announcement was made during the ongoing three-day Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which opened Wednesday in South... 15.09.2023, Sputnik Africa
2023-09-15T13:29+0200
2023-09-15T13:29+0200
2023-09-15T13:29+0200
sub-saharan africa
west africa
nigeria
african development bank (afdb)
finance
energy
energy crisis
electricity
blackouts
south korea
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The African Development Bank(AfDB) reaffirmed its commitment to allocate $250 million for the Nigerian Electrification Project (NEP) which looks to deliver energy access to unserved and underserved communities across the country, said Nigeria's Minister of Power Adebayo Adelabu.On the sidelines of the ongoing "Just Energy Transition and Agricultural Transformation for Africa" conference in Busan, the Nigerian delegation led by the minister held a bilateral cooperation meeting with AfDB President Akinwumi Adesina and other officials of the bank.Commenting on the outcome of the meeting, Adelabu described the discussions as productive, adding that the bank was ready to disburse the fund.It is estimated that over 600,000 people, about 100,000 households, 70,000 MSMEs and eight universities will benefit from new or improved electricity supply as a result of the project. The project is also expected to create an enabling environment for the involvement of the private sector, with a special focus on promoting opportunities for women through a range of integrated activities.The minister revealed that during the meeting, the Nigerian delegation secured an in-principle agreement from the AfDB for a technical advisory sponsorship that will include stress testing and capacity simulation of Nigeria's power infrastructure. He explained that the initiative is aimed at "building operational capacity across the value chain and facilitating project prioritization."Speaking about the 7th KOAFEC, Adelabu highlighted the importance of the conference, stressing that it facilitates dialogue, cooperation and partnership between South Korea and African nations in the energy sector. He elaborated that the gathering aims to address key energy challenges, promote sustainable development, attract investment, foster knowledge sharing and support the transition to clean energy in Africa.For his part, African Development Bank Group President Adesina urged delegates in his opening remarks to use the conference as a critical opportunity to mobilize support for achieving universal energy access in Africa and advancing a just energy transition on the continent.He noted that since the launch of the African Development Bank's New Deal on Energy for Africa in 2016, much progress has been made. While access to electricity has increased from 35% to 56 % across Africa, much remains to be done, the official added. According to the AfDB, approximately 600 million people on the continent lack access to electricity.
https://en.sputniknews.africa/20230804/bold-step-for-energy-sector-nigeria-launches-construction-of-new-power-plant-1061071419.html
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west africa, nigeria, african development bank (afdb), finance, energy, energy crisis, electricity, blackouts, south korea
west africa, nigeria, african development bank (afdb), finance, energy, energy crisis, electricity, blackouts, south korea
Nigerian Power Grid to Receive $250 Million From African Development Bank
The announcement was made during the ongoing three-day Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference, which opened Wednesday in South Korea's second largest city, Busan. The event brought together Africa's key stakeholders to emphasize the need for additional resources to help African nations achieve universal access to energy.
The African Development Bank(AfDB) reaffirmed its commitment to allocate $250 million for the Nigerian Electrification Project (NEP) which looks to deliver energy access to unserved and
underserved communities across the country, said Nigeria's Minister of Power Adebayo Adelabu.
On the sidelines of the ongoing "Just Energy Transition and Agricultural Transformation for Africa" conference in Busan, the Nigerian delegation led by the minister held a bilateral cooperation meeting with AfDB President Akinwumi Adesina and other officials of the bank.
Commenting on the outcome of the meeting, Adelabu described the discussions as productive, adding that the bank was ready to disburse the fund.
"AfDB also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund," he said.
It is estimated that over 600,000 people, about 100,000 households, 70,000 MSMEs and eight universities will benefit from new or improved electricity supply as a result of the project.
The project is also expected to create an enabling environment for the involvement of the private sector, with a special focus on promoting opportunities for women through a range of integrated activities.
The minister revealed that during the meeting, the Nigerian delegation secured an in-principle agreement from the AfDB for a technical advisory sponsorship that will include stress testing and capacity simulation of Nigeria's power infrastructure. He explained that the initiative is
aimed at "building operational capacity across the value chain and facilitating project prioritization."
Speaking about the 7th KOAFEC, Adelabu highlighted the importance of the conference, stressing that it facilitates dialogue, cooperation and partnership between South Korea and African nations in the energy sector. He elaborated that the gathering aims to address key energy challenges, promote sustainable development,
attract investment, foster knowledge sharing and support the transition to clean energy in Africa.
For his part, African Development Bank Group President Adesina urged delegates in his opening remarks to use the conference as a critical opportunity to mobilize support for achieving universal
energy access in Africa and advancing a just energy transition on the continent.
He noted that since the launch of the African Development Bank's New Deal on Energy for Africa in 2016, much progress has been made. While access to electricity has increased from 35% to 56 % across Africa, much remains to be done, the official added. According to the AfDB, approximately 600 million people on the continent lack access to
electricity.
