FG to commit $200m to fix power sector

A fresh loan of $200 million is to be committed to fix the lingering power sector problem.

According to The Nation, the African Development Bank (AfDB) Group yesterday said it provided $150 million for the project. The balance of $50 million was issued from the Africa Growing Together Fund (AGTF) – a $2 billion facility sponsored by the People’s Bank of China.

A statement by the bank said: “The Board of Directors of AfDB Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP).

“The AGTF, a $2 billion facility sponsored by the People’s Bank of China and administered by the AfDB, has also approved a $50 million loan to the Federal Government of Nigeria to co-finance the project.”

According to the statement, the joint financing is targeted at supporting the Federal Government’s efforts “to address critical energy access deficit in the country, and catalyse achievement of universal energy access by 2030 targets.”