AfDB to Invest $711m in Nigeria to improve Power Sector

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Nigeria Collects $64.6M International Electricity Debt

The African Development Bank (AfDB) is set to invest 711.5 million dollars in some projects in the country including power supply. The news was diclosed by Mr Amadou Hott, the bank’s Vice President for Power, Energy, Climate Change and Green Growth Complex. He made the pldge when he led a delegation of the Bank on a visit to Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

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Mr Hott said the bank had a programme to support the solar project in the country with 477 million dollars and another 150 million dollars for other projects.

“We are on the verge of approving grant 1.5 million dollars to support the Jigawa solar project, a new initiative of up to 1,000 MW; the first phase will be 100MW.

“We have agreed to support the Transmission Company of Nigeria (TCN) with a total of 410 million dollars for critical transmission project, which was initially 200 million dollars.

“We are expecting to have this approval by September depending on the studies and other work that needs to be done,” Hott stated.

He further said the AfDB planned to provide 300 million dollars to support the Federal Government’s power sector recovery programme or the government’s planned investment in power distribution companies to enable them to unlock 2,000MW of stranded power.

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Responding to the pledge, the Vice President ,Yemi Osinbajo assured the delegation that in spite of the sectoral challenges, the Buhari administration would complete major projects that would improve power supply in the country. He informed them of the government’s proposal to also implement a plan that would provide solar energy in a number of universities in the country.

Osinbajo also thanked the AfDB for the support it had given the Transmission Company of Nigeria (TCN) transmission project and in the training of its engineers. He said that the Federal Government was always ready to support the bank in carrying out its initiatives in the country. The AfDB is supporting the training of 300 engineers from the TCN through a programme with the National Power Training Institute of Nigeria (NAPTIN).

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About Isaac Ademoluti 198 Articles
A Geophysicist, graduated from the Federal University of Technology, Akure (FUTA). Worked at Transmission Company of Nigeria (TCN), 132/33 KV Apo- Substation. Interested in the Power sector, football and loves writing.

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