The African Development Bank (AfDB) has approved a loan of $500 million to the Federal Government of Nigeria to finance first phase of the Economic Governance and Energy Transition Support (EGET-SP).
EGET-SP is an initiative aimed at accelerating the transformation of the country’s electricity infrastructure and improving access cleaner sources of energy.
A statement posted on the website of the bank on Thursday stated that these would decentralize the electricity supply industry and attract investments from subnational governments and private sector.
“The Board of Directors of the African Development Bank Group has approved a loan of $500 million 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.
It also noted that the loan would help close the financing gap in the federal budget for 2024/25 fiscal year, especially supporting the implementation of Nigeria’s new Electricity Act and Nigeria Energy Transition Plan.
-9News Nigeria.
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