African Development Bank (AfDB) has promised to inject to $410 million into the Nigerian power transmission sector.
Acting Vice President, Power, Energy, Climate and Green Growth Complex of the African Development Bank (AfDB), Wale Shonibare who led a high – powered delegation of the bank on a courtesy visit to the Power Ministry, said that $200 million has already been approved by AfDB Board for phase one of the project, which seeks to rehabilitate and upgrade the nation’s power lines and improve distribution and supply as well as the provision of sub-stations.
“I understand that the agreement was signed last week and we expect the project to progress. We are involved in the Jigawa power project. We have approved a grant of one million dollars to support the feasibility study for phase one and the studies are almost completed”, he said.
“We need to see how we can assist you (Nigeria) more and get your priority areas to move the sector forward,’ he added.
In his remarks, the Minister of State, Power, Goddy Jedy-Agba, described electricity as the bedrock of sustainable socio-economic national development, saying no nation’s economy would make meaningful headway without the support of an efficient power sector.
Jedy-Agba said it is for these reasons that the President Mohammadu Buhari-led Administration had taken some bold initiatives and interventions at improving power supply in the country, and would welcome with open arms, supports from development partners.
He stated that the Federal Government was willing to do more in partnering with the African Development Bank to enhance further growth in the sector and provide electricity to Nigerians
The Minister said the Federal Government is appreciative of AfDB’s contributions so far in the sector and assured the team that any money given to the sector would be judiciously utilized and accounted for.
“AfDB had been investing in the sector and they planned to invest more by increasing their funding in the development of power in the country”, he said.
