REA Expands NEP With AfDB $250m Facility

The Rural Electrification Agency (REA), is set to boost the Nigeria Electrification Project(NEP) initiative as the African Development Bank (AfDB), readies to disburse a previously approved $250 million fund for the project.

Minister of Power, Adebayo Adelabu, who made the disclosure also confirmed the federal governments readiness to extend support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund.

Adelabu disclosed this after a bilateral cooperation meeting with the AfDB cabinet, presided over by AfDB president, Dr. Akinwumi Adesina, at the ‘Just Energy Transition and Agricultural Transformation for Africa’ conference in Busan, South Korea.

Adelabu, explained that the Northern Nigerian states will also benefit from the AfDB’s $20bn Desert-to-Power initiative, aimed to develop 10,000 MW of solar power for eleven African countries.

RELATED

FirstBank Partners UNGC To Bridge SDG Financing Gap

13 hours ago

Stockbrokers To Discuss Economic Growth Strategies

13 hours ago

He said, during the Bilateral Cooperation meeting with the AfDB cabinet, the Nigerian delegation secured an In-Principal Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.

According to him, the aim of the Technical Advisory sponsorship was to establish operational capacity across the entire value chain, facilitating project prioritisation.

Adelabu said: “in a productive Bilateral Cooperation meeting with the AfDB cabinet, presided over by AfDB President, Dr Akinwunmi Adesina 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 prioritisation. AfDB also confirmed readiness to disburse a previously approved $250m fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20bn 10,000MW Northern Africa Desert to Power fund,” he stressed.