In partnership with the government of Nigeria, African Development Bank (AfDB) will provide underserved communities with sustainable energy solutions.
As part of the region’s efforts to achieve its target of universal energy access by 2030, the African Development Bank (AfDB) alongside the Africa Growing Together Fund (AGTF) will provide US$200mn in finance to boost the efforts with the region.
The National Electrification Project (NEP) – which will be implemented by Nigeria’s Rural Electrification Agency – will de-risk and scale-up private sector investment within the off-grid sector, in order to nurture business ecosystems that will contribute to the rapid electrification of NIgeria’s off-grid communities.
Speaking at the project’s launch Nigeria’s Minister of State for Power, Mr. Goddy Jedy Agba, showed his appreciation for the AfDN for investing in the project, highlighting the huge transformative potential it could have for the region, “imagine the impact a project like the NEP will have when it is replicated across rural communities in the country,” he said.
Expected development outcomes
Highlighted by The Bank’s Acting Vice President for Power, Energy, Climate Change and Green Growth, Wale Shonibare, the project is expected to provide 500,000 people with access to 76.5MW of increased installed power, with 68MW being generated by solar energy.
In addition, eight universities will have access to reliable energy, as well as 20,000 micro, small and medium sized enterprises (MSMEs) will be supplied with appliances and equipment.
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The AfDB is also committed to drive equality in the region, which can be seen in the education of 150 female students, which will receive training on renewable energy solutions.
The NEP aligns with the AfDBs new deal on Energy for Africa a commitment from the bank to invest around US$12bn between 2016 and 2020, as well as leverage US$45-50bn in co-financing for energy projects in Africa. “Let us stand together, invest together, and work together to light up and power Africa,” commented Dr Akinwumi Adesina, President, African Development Bank.
In addition to the Energy for Africa deal, the NEP aligns with AfDB’s High Five for Transforming Africa to provide universal access to electricity for over 640mn people within the region, by tapping into the huge renewable energy potential.
The project also aligns with the Federal Government of NIgeria’s Rural Electrification Strategy and Implementation plan (RESIP) and the Power Sector Recovery Programme, whose objective is to increase private investment in the energy sector.
Over the last decade the African Development Bank (AfDB) has been committed to developing the African region with investments in fertilizer supplies in Nigeria and Ghana, food security in the Sudan, growing the industrial sector in Nigeria to drive the economy, improving connectivity in Burundi, improving sanitation in Nigeria and the Sudan and providing relief support in Zimbabwe, Somalia and PAPC.
Source: Business Chief