AfDB okays $500m fresh loan for Nigeria

The African Development Bank Group has approved a loan of $500m to the Federal Government to finance the first phase of the Economic Governance and Energy Transition Support Programme. EGET-SP is an initiative aimed at accelerating the transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy. A statement posted on the website of the bank on Thursday stated that these initiatives would decentralise the electricity supply industry and attract investments from subnational governments and the private sector. “The Board of Directors of the African Development Bank Group has approved a loan of $500m to the Federal Republic of Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Programme, a new programme aimed at accelerating transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy,” the bank stated. Click here for more.