AfDB approves $250m for electrification project in Nigeria

Date:

September 15, 2023.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

The Minister for Power, Adebayo Adelabu has announced that the African Development Bank has approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA).

The Minister for Power stated thus:

“Today, in a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet, presided over by AfDB President, Dr. Akinwunmi Adeshina at the ongoing “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea, the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.

This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization. AfDB also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund.” (www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

Share post:

Subscribe

Popular

More like this
Related

FG, HarvestPlus partner to enhance Nigeria’s biofortification efforts

(first from the right) Dr Khalid Isyaku, DG NASC,...

NAFDAC shuts down bakery for using unfortified sugar, others in Sokoto

July 19, 2024. Azonuchechi Chukwu. The National Agency for Food Drugs...

Over 263 Boko Haram Terrorists Surrender to MNJTF

July 19, 2024. Azonuchechi Chukwu. The Multinational Joint Task Force (MNJTF)...

CBN directs BDCs to cap forex profits at 1.5%

July 19, 2024. Azonuchechi Chukwu. The Central Bank of Nigeria(CBN) on...
× How can I help you?