It stated that the loan was aimed at improving power systems, business environment and sustaining growth through sound macroeconomic policies and budget priorities. AfDB said the amount was fully disbursed in two tranches on March 1, 2013, and December 21, 2015, respectively.
According to the statement, the program was designed to benefit the entire population of Nigeria in terms of extended access to a more reliable supply of electricity at a reduced rate.
“The EPSERP will have a major positive impact on the private sector through the substantial reduction in the cost of doing business for all economic sectors, particularly in the formal and informal manufacturing and service activities which are seriously constrained by the power supply gaps.“
AfDB also said that the bank had also released one of its staff to support the government in its power sector reforms program for 12 months on September 19, 2016
It said it was committed to assisting Nigeria to achieve the objectives of its reforms in the power sector in accordance with the priorities already approved by the authorities.