The African Development Bank (AfDB) has expressed its willingness to disburse US$250 million approved some time ago for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency.
Nigeria’s Minister for Power, Adebayo Adelabu, disclosed this on his Twitter last Wednesday, September 13, 2023, after a meeting with AfDB officials in Korea.
The Power Minister wrote: “In a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet presided over by AfDB President, Dr Akinwunmi Adeshina at the ongoing ‘Just Energy Transition and Agricultural Transformation for Africa’ conference in Busan, South Korea, the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.
“This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization. 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.”
Source: https://energynewsafrica.com