Africa’s apex bank, The African Development Bank (AfDB) has announced its readiness to release the proposed $250 million fund for Nigeria Electrification Project (NEP), under the Rural Electrification Agency (REA).
This was announced by the honorable Minister for Power, Adebayo Adelabu, on Thursday, September 14, 2023.
“Today, in a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet, presided over by AfDB President, Dr. Akinwunmi Adeshina at the ongoing “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea, the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.
“This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization. AfDB also confirmed readiness to disburse a previously approved $250 million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20 billion 10,000MW Northern Africa Desert to Power fund.”
Note that the Minister had earlier said that his attendance at the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference in South Korea was for the benefit of the country, and Nigeria would benefit in many ways, namely; energy security, investment opportunities, knowledge sharing, capacity building, and clean energy transition.
According to the Honorable Minister, the KOAFEC conference provides an opportunity for policymakers, ministers, and representatives from both regions to discuss and address key challenges and opportunities related to energy development and sustainability.
What NEP achieved as of 2022
In September 2022, Anita Otubu, the former Head of the Project Management Unit at the Nigeria Electrification Project (NEP), said the NEP as of September 2022, had 65 completed mini-grids that are spread across the country. This was disclosed by Nairametrics.
The NEP has also deployed over 770,000 solar home systems that have positively impacted the lives of over 3.5 million Nigerians. According to her, the NEP comprises five key components:
Solar Hybrid Mini-grids: These innovative mini-grids combine solar power with other energy sources to provide reliable electricity to off-grid areas.
Stand Alone Solar Home Systems: Empowering households with individual solar home systems, ensuring access to clean and sustainable energy.
Energizing Education Programme Phase 2&3: Focusing on educational institutions, this phase involves the establishment of solar hybrid power plants for universities and teaching hospitals.
Don’t Miss out on: FIRST BANK REMODELS FIRST EDU LOAN PRODUCT
Productive Use Equipment and Appliances for Mini-Grid Communities: Enabling communities connected to mini-grids with equipment and appliances that enhance productivity and quality of life.
Technical Assistance: Offering vital technical expertise and guidance to facilitate the successful implementation of these energy initiatives.