The African Development Bank (AfDB) is to invest $200 million through the Rural Electrification Agency (REA) to improve power supply in Nigeria.
The Acting Vice President, Power, Energy, Climate and Green Growth Complex (AFDB), Wale Shonibare, explained this when he accompanied some management staff of the bank on a visit to the Minister of State for Power, Mr Goddy Jedy-Agba in Abuja.
Shonibare confirmed that the AfDB board had approved $200 million for the sector.
He stated that “the AFDB is very active in the power sector of Nigeria and we are ready to do more. The board has approved $200 million to the sector through the REA”.
“We are supporting the programme to roll out mini- grids across the country and also to encourage productive use of the grids to upgrade communities. We are also involved in energising education, a programme under which we are dedicating power systems to eight Federal universities.’’
Shonobare further stated that the bank was also involved in the transmission sector of the country as it had a $410 million project to support transmission.
Wale Shonibare went further to explain “We are involved in the Jigawa power project, we have approved a grant of one million dollars to support the feasibility study for phase one and the studies are almost completed.”