The Federal Government has been granted $ 200 million loan for the funding of the nation’ s electrification project .“The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP ),” AfDB said in a statement .
“The Africa Growing Together Fund ( AGTF) , a $ 2 billion facility sponsored by the People ’ s Bank of
China and administered by the African Development Bank, 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 government efforts to address critical energy access deficit in the country, and catalyze achievement of universal energy access by 2030 targets. ”
In 2017, the World Bank approved $ 350 million loan to Nigeria for the development of rural electrification projects in the country.“By supporting the electrification of unconnected and underserved communities , NEP will contribute materially to their economic development ,” said the Managing Director of the rural electrification agency, Damilola Ogunbiyi.“Access to reliable , affordable and clean electricity will result in savings for households and businesses , which can be deployed to other uses. ”
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