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The African Development Bank (AfDB) announced plans to invest $200 million to help Nigeria improve its electricity supply
.
Specifically, the bank will provide funding
through the country's Rural Electrification Authority.
Wale Shonibare, acting vice president of power, energy, climate and green growth at the African Development Bank, claimed the bank is ready to provide more assistance
to Nigeria in the future.
"We are supporting plans to roll out mini-grids across Nigeria and encourage efficient use
of power grids," he said.
”
In addition, the African Development Bank has begun a $410 million transmission project
in Nigeria.
Shonibare added that it recently approved $200 million in funding to support the first phase of the plan, which will involve the expansion of transmission lines and the construction
of substations.
The World Bank said in October last year that Nigeria's microgrid sector will grow
rapidly throughout 2020.
This forecast comes after international financial institutions decided in June 2019 to lend $550 million to the country to develop microgrids and solar home systems
.
Last December, Kenya-based developer PowerGen became one of the first companies to use the
funds after installing a new mini-grid system in Niger State.
At the time, it said it planned to develop nine more similar installations
in Nigeria.
The African Development Bank (AfDB) announced plans to invest $200 million to help Nigeria improve its electricity supply
.
Specifically, the bank will provide funding
through the country's Rural Electrification Authority.
Wale Shonibare, acting vice president of power, energy, climate and green growth at the African Development Bank, claimed the bank is ready to provide more assistance
to Nigeria in the future.
"We are supporting plans to roll out mini-grids across Nigeria and encourage efficient use
of power grids," he said.
”
In addition, the African Development Bank has begun a $410 million transmission project
in Nigeria.
Shonibare added that it recently approved $200 million in funding to support the first phase of the plan, which will involve the expansion of transmission lines and the construction
of substations.
The World Bank said in October last year that Nigeria's microgrid sector will grow
rapidly throughout 2020.
This forecast comes after international financial institutions decided in June 2019 to lend $550 million to the country to develop microgrids and solar home systems
.
Last December, Kenya-based developer PowerGen became one of the first companies to use the
funds after installing a new mini-grid system in Niger State.
At the time, it said it planned to develop nine more similar installations
in Nigeria.
