Nigeria’s President, Bola Tinubu, has assured the United States and other international partners of enhanced power supply within the country, citing the country’s abundant gas resources as a leverage.
Tinubu, who was represented by the Minister of Foreign Affairs, Yusuf Maitama Tuggar, gave the assurance at the U.S.-Africa Business Summit in Dallas, Texas, holding from May 6 to 9, 2024.
The summit is hosted by the Corporate Council on Africa (CCA).
Over 1,500 U.S. and African public and private sector executives, including government officials and president, are attending the summit.
The summit aims at driving U.S.-Africa sustainable business partnerships.
Remarks by Nigeria
For Tuggar, Nigeria is on course to achieving enhanced power supply due to its enormous gas resources.
He stated via his X page,
“President Bola Ahmed Tinubu’s signing of the 2023 Electricity Act and initiatives like the South-North AKK Project, demonstrate our commitment to addressing power challenges.
“We’re leveraging Nigeria’s abundant gas resources and investing in renewable energy to enhance power supply across the nation.”
Also, the Minister explained that food security remains a top priority for President Tinubu and is achievable.
He noted that with comprehensive plans for year-round farming, provision of planting materials, and the establishment of agro-processing zones, food security would be attained.
He stressed the importance of strategic partnerships for agricultural development.
“Addressing challenges like land acquisition and power supply, we are implementing reforms to attract foreign investments and revitalize Nigeria’s agricultural sector,” Tuggar added.
The minister said Nigeria’s participation reaffirms the country’s commitment to strengthening economic ties and exploring new avenues for growth and collaboration.
US to fuel infrastructural development in Africa
At the ongoing summit, the US International Development Finance Corporation (DFC) tweeted that the country is committed to supporting infrastructural development in Africa.
“The U.S. is partnering with people across Africa to fuel infrastructure investments that create jobs and boost economic growth,” it stated.
To prove this, DFC Deputy Chief Executive Officer (DCEO), Nisha Biswal, and Chief Minister of Sierra Leone, David Moinina Sengeh, announced up to $412 million in financing and political risk insurance in support of Sierra Leone’s plans to address blackouts and expand its power system through renewable energy solutions in the future.
“DFC approved a new loan of up to $292 million to the Freetown-based Western Area Power Generation Project to help develop and upgrade the power plant’s infrastructure, promoting reliable access to power throughout Sierra Leone.
” DFC will also provide up to $120 million in political risk insurance to crowd-in private investment.
“The financing package is bolstered by a $40 million loan from ECOWAS Bank for Investment and Development (EBID),” the DFC stated.
More insight:
- The summit is holding after the sixth U.S.-Nigeria Binational Commission in Abuja on April 29-30, 2024.
- The U.S. delegation welcomed Tuggar’s 4D policy of Democracy, Development, Demography, and Diaspora and acknowledged Nigerian ideas to incorporate U.S. contributions to meeting these goals.
- The U.S. delegation noted the United States International Development Finance Corporation has a portfolio of over $700 million in direct loans, loan guarantees and other financing support in Nigeria.
-  In a joint statement, both sides agreed to take steps to expand trade and investment ties.
