AfDB to Support Nigeria’s Power Sector with $1bn – Official
The African Development Bank (AfDB) has announced its intention to provide substantial support to Nigeria’s power sector with a staggering one billion dollars investment aimed at enhancing electricity generation. Dr. Kevin Kariuki, the Vice President of the Power, Energy, Climate Change, and Green Growth Complex at AfDB, revealed this plan during the Eighth Africa Energy MarketPlace (AEMP) Forum held in Abuja on Thursday.
The forum, jointly organized by AfDB, the Ministry of Power, and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF), focused on fostering discussions under the theme “Towards Nigeria’s Sustainable Energy Future: Policy, Regulation, and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).”
Dr. Kariuki emphasized the importance of policy-driven initiatives in attracting sustainable investments, underscoring the pivotal role of enabling environments in maximizing the value of ongoing investments in Nigeria’s power sector. He highlighted key projects such as the Nigeria Transmission Expansion Project and the Nigeria Electrification Project, aimed at enhancing the country’s transmission capacity and expanding access to electricity through mini-grid installations.
Furthermore, Dr. Kariuki outlined AfDB’s involvement in Nigeria’s energy sector, including financing studies for the deployment of Battery Energy Storage Systems to bolster grid stability and facilitate the integration of renewable energy sources. He also highlighted Nigeria’s participation in the Desert to Power Initiative, which seeks to generate 10,000 Megawatts (MW) of solar power across the Sahel region to provide electricity to millions of Africans.
“In alignment with the objectives of the newly enacted Electricity Act,” said Mr. Adebayo Adelabu, the Minister of Power, “we are initiating the development of the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP) to guide Nigeria’s energy development. This policy will address crucial aspects such as rural electrification and public-private partnerships for universal electricity access.”
The forum also provided a platform for stakeholders to contribute to the preparation of the NIEP-SIP and offer recommendations across various areas, including the recapitalization of the Nigerian Electricity Supply Industry (NESI) and the promotion of a Just Energy Transition.
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“In alignment with the objectives of the newly enacted Electricity Act,” said Mr. Adebayo Adelabu, the Minister of Power, “we are initiating the development of the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP) to guide Nigeria’s energy development. This policy will address crucial aspects such as rural electrification and public-private partnerships for universal electricity access.”
In conclusion, the collaborative efforts between AfDB, the Ministry of Power, and other stakeholders underscore a collective commitment to advancing Nigeria’s energy sector, thereby paving the way for sustainable and inclusive growth.
