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AfDB To Spend 255 Billion Naira In Electricity, Others In Nigeria

This year alone, it has received investments running into several billions of naira from multilateral agencies targeted at addressing electricity challenges in the country.

On Friday, the African Development Bank, AfDB said it would invest $711.5 million, about 255 billion naira in some projects in the country including electricity.

Hott said the bank had a programme to support the solar project in the country with 477 million dollars, about 172 billion naira and another 150 million dollars, about 54 billion naira on other projects.

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Nigeria seems to be on overdrive to keep the lights on.

This year alone, it has received investments running into several billions of naira from multilateral agencies targeted at addressing electricity challenges in the country.

On Friday, the African Development Bank, AfDB said it would invest $711.5 million, about 255 billion naira in some projects in the country including electricity.

Mr Amadou Hott, who is the bank’s Vice President for Power, Energy, Climate Change and Green Growth Complex, made the pledge when he led a delegation of the Bank on a visit to Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Hott said the bank had a programme to support the solar project in the country with 477 million dollars, about 172 billion naira and another 150 million dollars, about 54 billion naira on 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 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.

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