The African Development Bank (AfDB) has announced that it has disbursed $500 million to support Nigeria’s energy transition programme.
Dr. Abdul Kamara, Director-General of the AfDB Nigeria Country Department, announced this development on Wednesday, indicating that the second phase is underway.
These funds are part of the second phase of the bank’s $1 billion Economic Governance and Energy Transition Support Programme.
Additionally, a $1.2 million grant has been allocated to support the feasibility study for the Battery Energy Storage System (BESS) in Nigeria.
“Through our $1 billion Economic Governance and Energy Transition Support Programme, we are helping Nigeria advance critical power sector reforms. Five hundred million dollars has already been disbursed, with the second phase on track.
“In addition, under AfDB’s $1 million grant for the Africa Energy Sector Technical Assistance Programme, the bank is supporting implementation of the Electricity Act, building state-level electricity markets, and strengthening governance,” he stated.
Persecondnews reports that Nigeria has continued to grapple with a significant electricity deficit, impacting a population exceeding 250 million people.
Meanwhile, Bismarck Rewane, an economic expert and CEO of Financial Derivatives, has said adequate power supply is crucial for Nigeria’s economic growth.
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