World Bank, AfDB finance Nigeria’s Electrification Project With $550m For Affordable Power Supply

The Federal Government’s plan to supply millions of Nigerians with affordable power through its Electrification Project has received a boost as it obtained $550m from World Bank and African Development Bank, AfDB.

Investors King recalls that in 2020, the federal government had solicited for support as it said it lacked the financial capacity to run the project alone.

The Rural Electrification Agency (REA), a Federal Government organisation in charge of the electrification project had craved for a robust budget funding of about $2.5bn to supply power to 80 million people who do not have access to electricity across the country.

The Rural Electrification Agency stated that they received $350m from the World Bank and $200m from African Development Bank which amounted to $550 million.

The REA made the disclosure during its presentation in Abuja, on Thursday at the inauguration of the agency’s governing board by the Minister of State for Power, Goddy Jedy-Agba.

Members of the REA governing board include: Abdulazeez Yar’Adua as Chairman; Ahmad Salihijo as Managing Director; Michael Oluwagbemi; Chidi Nwogu, among others.

The agency stated that it had also received donations for the deployment of solar mini-grids for the project.

It said, “To give effect to some of its initiatives, REA has obtained financing amounting to $550m ($350m from the World Bank and $200m from the African Development Bank) for financing the Nigeria Electrification Project.

“This includes an additional $11m for financing the Rural Electrification Fund for the deployment of Solar hybrid mini-grids and solar home systems. These funds will ensure that millions of Nigerians have access to clean, safe, reliable and affordable electricity.”

Addressing the board members, Jedy-Agba urged them to deliver the mandates of the government and put in their best for the actualisation of the project.

He, however, assured that the REA board will not disappoint the public as he expressed hope of a massive outcome.