The African Development Bank (AfDB) Group has approved a $500 million loan to Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Programme (EGET-SP).
The program is aimed to accelerate the transformation of Nigeria’s electricity infrastructure and improve access to cleaner sources of energy.
According to the AfDB, “The Nigerian government launched the energy transition plan in August 2022, and in June 2023, passed a new Electricity Act decentralising the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector.”
The loan was said to help close the financing gap of the government’s budget in the 2024/2025 fiscal year, supporting the implementation of the new Electricity Act and the Nigeria Energy Transition Plan.
The plan envisioned the development of 250 GW of installed electricity capacity by 2050, with 90% from renewable sources.
“The economic governance and energy transition support programme will also support the implementation of these policies, helping deliver much-needed upgrades of Nigeria’s electricity infrastructure, and fast-tracking the country’s efforts to transition millions of households and businesses to cleaner and renewable sources of energy,” the AfDB said.
The loan is in line with the AfDB’s new 10-year strategy and priorities, and the New Deal on Energy for Africa, which seeks to achieve universal access to modern energy by 2030.
As of July 2024, the AfDB’s active portfolio in Nigeria is valued at about $4.4 billion.
Boluwatife Enome
Follow us on:
The family of Malcolm X has accused the FBI, CIA, and NYPD of conspiring to…
Ukraine’s President Zelensky has predicted Trump’s leadership will accelerate the resolution of the Russia-Ukraine war
Russia has halted gas supplies to Austria over payment issues but maintains steady deliveries to…
Tinubu is set to host Indian PM Modi on Sunday to enhance bilateral ties
Shettima has said that President Tinubu’s policies and reforms have returned Nigeria’s economy on the…
Former President Olusegun Obasanjo, Vice President Shettima, and Atiku Abubakar have attended former Governor Kwankwaso’s…
View Comments
CALL THE MARKETING OFFICER OmarON (O8O 6739 9O9O ) AUCTION AUCTION AUCTION !!!!!!. THE NIGERIA CUSTOMS SERVICE
AUCTION IS TAKING PLACE HERE, WE MAKE DELIVERY TO ALL STATES IN NIGERIA
WE SELL GOODS LIKE :
VEHICLES
BAGS OF RICE
BALES OF CLOTHES
VEGITABLES OIL ETC. ALSO THE REPLACEMENT FROM IS OUT NOW,
THOSE ARE THE VEHICLES LISTED BELOW WITH THEIR PRICE
GOLF ,2 3 4,= 400,000 to 550,000
TOYOTA CAMRY BIG DADDY = 700,000
TOYOTA CAMRY TINY LIGHT = 450,000
TOYOTA CAMRY MUZZLE =1m800,000
TOYOTA CAMRY SPIDER =1m900,000
TOYOTA VENZA = 1.8 MILLION
TOYOTA AVENSIS =1m650,000
TOYOTA AVALON = 1.2 MILLION
TOYOTA Hilux = 1.3 MILLION
TOYOTA SIENNA = 750,000
TOYOTA RAV4 = 1.6 MILLION
TOYOTA 4RUNNER= 1. MILLION
TOYOTA TUNDRA = 2. MILLION
TOYOTA PICNIC = 650,000
TOYOTA HIGHLANDER = 1.6 MILLION
TOYOTA COROLLA = 750,000
TOYOTA COROLLA SPORT= 900,000
TOYOTA PRADO= 2. MILLION
TOYOTA MATRIX = 650,000
TOYOTA LANDCRUISSER = 2. MILLION
TOYOTA YARIS = 1.1 MILLION
TOYOTA HIACE BUS = 3.5 MILLION
ACURA MDX = 1.6 MILLION
ACURA ZDX=2.3 MILLION
HONDA ACCORD= 650,000
HONDA PILOT = 1. MILLION
HONDA BABY BOY =550,000
LEXUS RX300 1.3 MILLION
LEXUS RX330 1.9 MILLION
LEXUS RX350 2.2 MILLION
INFINITY FX35= 1.2 MILLION INFINITY FX45=1.5 MILLION
NISSAN MURANO = 1 MILLION
NISSAN PATHFINDER =1.6 MILLION
ETC ONLY INTERESTED BUYERS SHOULD CONTACT THE MARKETING OFFICER-IN-CHARGE ON (O8O 6739 9O9O )