Nigeria’s Minister of Power, Mr. Adebayo Adelabu, says that the World Bank and the African Development Bank (AfDB) have concluded plans to invest $7.5 billion to boost electricity supply in Nigeria.
Speaking during his visit to Splendor Electric Nigeria Limited, a porcelain insulator company in Odogbolu area of Ogun State in Southwestern Nigeria, the minister said that the figure was about 25 per cent of the total sum of $30 billion earmarked for improving electricity supply in Africa.
According to the minister, the banks will spend the funds on extending electrification to an additional 300 million Africans in the next five years.
He told the management of the Splendor to get set to partake in the electrification that would soon commence, adding that he was confident that 20 to 25 per cent of the fund would be awarded to Nigeria because of its large population.
“I want to inform you of the proposal or the intention, which is at an advanced stage, by the World Bank and the African Development Bank to spend about $30bn to extend electrification to an additional 300 million Africans within the next five years. And Nigeria is going to participate fully in this. I am confident that nothing less than 20 per cent or 25 per cent of this fund would come into Nigeria because of our population,” the minister said.
Adelabu explained that the focus of the project would be on enhancing and upgrading of the power infrastructure.
He said that efforts were ongoing to revamp the power sector in Nigeria and Africa in general, adding that there would be regional collaboration to save the continent from energy poverty.
Speaking on the Siemens project, he noted that the Presidential Power Initiative involves the construction of thousands of additional lines and tens of new transmission and injection sub-stations.
He disclosed that the pilot stage of the Siemens project is nearing completion, adding that Phase 1 of the project would soon commence.
With a population of over 200 million people, Nigeria still grapples with an epileptic power supply, with millions of citizens still wallowing in darkness.
GIK/APA
World Bank, AfDB to invest $7.5bn in Nigeria’s power sector
