The AfDB mobilized $200 million to support the Nigerian power sector. This funding will support the efforts made in the country for the electrification of rural areas, facilitating the deployment of off-grid solutions by private investors, as well as the implementation of electrical systems for federal universities.
All of these accompanying measures are implemented as part of the Nigeria Electrification Project (NEP) conducted by the Rural Electrification Agency (REA). They are part of the government's ambition to achieve universal access to energy by 2030.
In the allocated funds, $150 million was released by the bank from own funds while $ 50 million was mobilized from the Africa Growing Together Fund (AGTF). AGTF is a financing facility sponsored by the People's Bank of China and administered by the ADB.
"Given the limited amount of public funds available, projects that catalyze private investment are very important to enable the bank and its member countries to achieve the electrification goals set for the next decade," said Amadou Hott, VP of the AfDB in charge of Energy, Climate Change and Sustainable Growth.