African Development Bank Group Loan to Nigeria
The African Development Bank Group has approved a loan of $500 million to Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Programme (EGET-SP).
Here are some key points about the loan and the programme:
Programme Objective: The EGET-SP aims to accelerate the transformation of Nigeria’s electricity infrastructure and improve access to cleaner sources of energy.
Loan Purpose: 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.
Energy Transition Plan: The plan envisions the development, by 2050, of 250 GW of installed electricity capacity, 90% of which will be renewable.
It also aims to provide clean cooking access to the bulk of the population by 2030
Programme Impact: The EGET-SP will support the implementation of the energy transition plan, 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.
