- The Nigeria Electrification Project is under the Rural Electrification Agency (REA) to tackle the energy crisis.
- The bank to support Northern Nigerian states through the $20 billion 10,000 megawatt Northern Africa Desert to Power fund.
The African Development Bank (AfDB) has pledged to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP). The NEP project is under the Rural Electrification Agency (REA) to tackle the energy crisis. Minister for Power Adebayo Adelabu made this known yesterday through his official X, formerly Twitter, page.
According to the minister, the President of the African Development Bank, Dr Akinwunmi Adesina, made this pledge during a bilateral meeting at the ongoing “Just Energy Transition and Agricultural Transportation for Africa” conference in Busan, South Korea. The conference was organised by the Korea-Africa Economic Cooperation (KOAFEC) and the Africa Development Bank (AfDB).
He further disclosed that this initiative establishes operational capacity across the entire value chain, facilitating project prioritisation. He further disclosed, “The African Development Bank also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20 billion 10,000 megawatt (MW) Northern Africa Desert to Power fund”.
Recall that Adelabu disclosed at the conference that Nigeria would collaborate with South Korea on various aspects of the energy sector. According to him, the key areas Nigeria can benefit from the conference include energy security, sustainable development, investment opportunities, knowledge sharing and capacity building, and clean energy transition.