Top Posts
Brazil launches COP30 accommodation platform after pressure from...
Pakistan’s deadly floods worsened by global warming: study
Putin decree allows Russia to increase greenhouse gas...
New study shows climate change cancelling major events
Tinubu appoints Majekodunmi new DG of National Council...
ICJ says countries to be held accountable for...
Report shows PR firm working for Shell wins...
Study shows climate change could make ‘droughts’ for...
Kano govt unveils climate change policy, to plant...
FG says desertification has disrupted livelihoods of over...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

AFDB approves $500 million loan to boost electricity access in Nigeria

by admineconai August 1, 2024
written by admineconai August 1, 2024
566

The Board of Directors of the African Development Bank Group has approved a loan of $500 million to the Federal Republic of Nigeria, to help the West African country finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP).

The EGET-SP is a new program aimed at accelerating transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy.

It is expected that the loan will help close the financing gap of the Federal Budget in the 2024/25 fiscal year, specifically supporting the implementation of the country’s new Electricity Act and the Nigeria Energy Transition Plan(link is external).

The Nigerian government launched the energy transition plan in August 2022, and in June 2023, passed a new Electricity Act decentralizing the electricity supply industry and setting the stage for increased investments by subnational governments and the private sector.

The energy transition plan envisions the development, by 2050, of 250 GW of installed electricity capacity, 90% of which will be renewable. It will provide clean cooking access to the bulk of the population by 2030, using liquefied petroleum gas (LPG), biogas, biofuels like ethanol, and electric cookstoves.

Read also: Air New Zealand is first major airline to scrap 2030 emissions target

The Economic Governance and Energy Transition Support Program 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 Bank Group’s $500m support to the Federal Government of Nigeria is the latest in a series of initiatives aimed at supporting the country’s economic growth, poverty reduction, and climate action efforts.

The Economic Governance and Energy Transition Support Program (EGET-SP) is in line with the Bank Group’s new Ten-Year Strategy 2024-2033, its High 5s 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 African Development Bank Group’s active portfolio in Nigeria is valued at about $4.4 billion.

Story was adapted from AFDB.

$500 millionAFDBElectricityLoanNigeria
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Air New Zealand is first major airline to scrap 2030 emissions target
next post
BP to hand investors $7bn as it expands oil operations

Related Posts

Brazil launches COP30 accommodation platform after pressure from...

August 7, 2025

Pakistan’s deadly floods worsened by global warming: study

August 7, 2025

Putin decree allows Russia to increase greenhouse gas...

August 7, 2025

New study shows climate change cancelling major events

August 4, 2025

ICJ says countries to be held accountable for...

August 4, 2025

Report shows PR firm working for Shell wins...

July 30, 2025

Study shows climate change could make ‘droughts’ for...

July 30, 2025

UN agency says deadly floods show need for...

July 22, 2025

UN climate change director calls for urgent action...

July 18, 2025

Environmental activist dismisses CoP meetings on climate change...

July 18, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World