Economy
AfDB Approves $200m For Nigeria’s Power Transmission Projects
- AfDB Approves $200m For Nigeria’s Power Transmission Projects
The management of the African Development Bank (AfDB) said it has approved $200 million for the expansion of Nigeria’s power transmission infrastructure.
Wale Shonibare, the Acting Vice President for Energy, Power, Climate and Green Growth, AfDB, disclosed this on Monday in Abuja during a visit to the Minister of State for Power, Goddy Jedy-Agba.
Shonibare said, “We’ve come to recap the progress we are making with our several investments within the power sector in Nigeria around the Nigeria Electrification Project, working with the Rural Electrification Agency where our board approved $200m.
“And we also have the work we are doing with the transmission company under the NTEP programme where we’ve approved $200m for phase one and there is a phase two. It is a $410m programme.”
Speaking on when the $200 million was approved, Shonibare said: “For the NTEP programme, it was signed last week and so the investments will start flowing into the sector very soon.
“Over the coming months, we will be looking to progress into the second phase of the power transmission programme.”
On the REA programme with the bank, he said, “That has already been signed and it is under implementation as we speak. In fact, I am here to flag off the beginning of that programme for the REA.”
He added that the bank had commenced discussion with power distribution companies as it plans to invest in the DisCos.
He said, “We are also supporting government on the Jigawa Solar Project where we provided $1m to support feasibility studies for phase one and we will be looking at phase two, going forward.
“We are also looking at ways in which we can intervene in the distribution sector. And that work is going on right now, to see what’s the best way of supporting investments in distribution.”
Jedy-Agba explained that promised to provide additional support to the nation’s power sector.
“The AfDB has offered to invest more in our power sector. They have offered to increase their funding and diversify from REA to other things as well,” the minister stated.