The Federal Government has said that the African Development Bank (AfDB) has announced its preparedness to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA).
Minister of Power, Adebayo Adelabu also disclosed that AfDB also confirmed readiness to extend support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund.”
Minister of Power disclosed this after a bilateral cooperation meeting with the AfDB cabinet, presided over by AfDB President Dr. Akinwumi Adeshina, at the “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea.
Adelabu’s statement was made available to the Saturday Telegraph yesterday.
He explained that the Northern Nigerian states will also benefit from the AfDB’s $20bn Desert-to-Power initiative, aimed to develop 10,000 MW of solar power for eleven African countries.
He said that during the Bilateral Cooperation meeting with the AfDB cabinet, the Nigerian delegation secured an In-Principal Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.
According to him, the aim of the Technical Advisory sponsorship was to establish operational capacity across the entire value chain, facilitating project prioritization.
Adelabu said, “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 $250m fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20bn 10,000MW Northern Africa Desert to Power fund.”
