Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

AfDB to curtail Nigeria’s erratic power supply with $200 million

Chidinma Nwagbara by Chidinma Nwagbara
March 10, 2020
in General News, Politics
Nigeria, others secure AfDB’s $20m to improve renewable energy , AfDB to curtail Nigeria’s erratic power supply with $200 million

Wale Shonibare, AfDB

Share on FacebookShare on TwitterShare on Linkedin

The African Development Bank (AfDB) has disclosed its plans to invest $200 million to boost power supply in Nigeria. The bank’s board approved the funds to the sector through the Rural Electrification Agency (REA).

The Acting Vice President of Power, Energy, Climate and Green Growth Complex (AFDB), Wale Shonibare, disclosed this when he led some management staff of the bank on a visit to the Minister of State for Power, Mr Goddy Jedy-Agba in Abuja.

National electricity grid collapses again, as NUEE suspends strike action , FG to increase electricity tariffs in order to improve power supply, Power: Liquidity crisis-same old story in 2020?, GenCos urges NBET to pay up N1 trillion debt, Electricity Tariff: FG, electricity stakeholders to work on equitable rate 

Shonibare reiterated the bank’s commitment to the Nigerian power sector and its willingness to do more. He also talked about upcoming plans in the works, one of which involves creating a programme to dedicate power systems to Federal universities,

“The AFDB is very active in the power sector of Nigeria and we are ready to do more. The board has approved $200 million to the sector through the REA. We are supporting the programme to roll out mini-grids across the country and also to encourage productive use of the grids to upgrade communities

“We are also involved in energising education, a programme under which we are dedicating power systems to eight Federal universities,’’ he said as reported by The Nation.

[READ MORE: AfDB to support FERMA with $10 billion for roads, others)

Speaking further, Shonibare said the bank was also involved in the transmission sector of the country as it had a $410 million project to support transmission. According to him, $200 million has already been approved by AfDB board for phase one to improve transmission lines and provision of sub-stations.

Electricity tariff, The number of idle power plants in Nigeria rises to 10 , Nigeria, Canada to ink new $2.3b power deal , China to pay $261.4 million for production of Made-in-Nigeria transformers , GenCos to shut down over NBET's administrative charge  

“I understand that the agreement was signed last week and we expect the project to progress. We are involved in the Jigawa power project, we have approved a grant of one million dollars to support the feasibility study for phase one and the studies are almost completed,’’ he added.

Meanwhile, in a recent Nairametrics report, the AfDB had announced its assistance in promoting infrastructural development in the country by offering $10 billion to the Federal Roads Maintenance Agency (FERMA) for road and other infrastructure projects in Nigeria.

Related

Tags: AfDBAfrican Development BankGoddy Jedy-AgbaNigerian power sectorOn the MoneyRural Electrification Agency

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 2021/2022 UEFA Champions League: See how much winner will rake in prize money
    • INEC extends primary election deadline to June 9
    • Gains from Airtel pushes NGX ASI above 54,000 basis points

    Follow us on social media:

    Recent News

    2021/2022 UEFA Champions League: See how much winner will rake in prize money

    2021/2022 UEFA Champions League: See how much winner will rake in prize money

    May 27, 2022
    Voter registration: IVED will eliminate PVC fraud – INEC

    INEC extends primary election deadline to June 9

    May 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com