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.”