AfDB approves $200m for electricity development in Nigeria

Nigeria’s electricity supply to rural areas is set to see a boost as the African Development Bank (AfDB) concludes plans to invest $200m through the Rural Electrification Agency (REA).

The announcement was made by the AfDB’s Acting VP for Power, Energy, Climate and Green Growth Complex, Wale Shonibare, during a visit to Nigeria’s Minister of State for Power, Goddy Jedy-Agba in Abuja.

The funds will go towards supporting the roll-out of mini-grids and encourage productive use of the grids in various communities.

The agreement has already been signed, and the first stage, which has been approved, will focus on improving transmission lines and providing sub-stations.

The Nigerian Government is willing to do more in partnership with AfDB to provide electricity for Nigerians, Jedy-Agba said.

“AfDB had been investing in the sector and they planned to invest more by increasing their funding in the development of the power sector,’’ he added.

The minister further assured the bank’s team that any money given to the power sector would be judiciously utilized and accounted for.

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