- A US 150 million loan facility from African Development Bank as well as a US50 million loan from African Grow Together Fund has been approved to finance the Nigeria Electrification Project”.
- Another US 27.3 million loan facility from IADE which is Nigeria’s component for the execution of the North Core Dorsal Regional Transmission Project aimed at connecting Nigeria, Niger, Benin Republic, Togo and Burkina Faso.
- The minister also disclosed that the council approved $20 million for the Lagos State Strategic Transport Master Plan.
Nigeria’s Federal Executive Council (FEC) yesterday approved US 150 million loan facility from the African Development Bank. The announcement was made last week by Nigerian Minister of Finance, Hajia Zainab Ahmed at an NEC meeting attended by the President Muhammadu Buhari.
Zanab explained “The FEC has approved US 150 million loan facility from African Development Bank as well as a US50 million loan from African Grow Together Fund to finance the Nigeria Electrification Project”.
The project is a nationwide initiative to be implemented by the rural electrification agency. The project aligns with the strategy of Federal Government on electrifying rural communities.
The project has four components, first is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities and the third is energising education while the fourth component is institutional capacity building.
She said the project aligned with the strategy of the federal government on electrifying the rural communities, adding that eight universities would benefit from the project.
The minister revealed that the project when fully implemented would benefit about 500,000 people while 105,000 households would have access to electricity supply.
The minister also disclosed that the council approved another US 27.3 million loan facility from IADE which is Nigeria’s component for the execution of the North Core Dorsal Regional Transmission Project aimed at connecting Nigeria, Niger, Benin Republic, Togo and Burkina Faso. She said the project has a high voltage 330 kilowatts transmission line to facilitate energy trade among participants.
The minister also disclosed that the council approved $20 million for the Lagos State Strategic Transport Master Plan. She said the facility was from the French Development Agency and that the objective of the project was to improve the living conditions of the inhabitants of Lagos urban area and to promote urban development through efficient and effective transport system.
Author: Bryan Groenendaal
