The African Development Bank (AfDB) has pledged a substantial $250 million investment in the Nigeria Electrification Project (NEP). Adebayo Adelabu, the Minister of Power, made this announcement, elaborating on the NEP's mission to bridge the energy access gap by delivering electricity to households, micro, small, and medium-sized enterprises (MSMEs), as well as educational and healthcare facilities in unserved and underserved rural areas.
This initiative presided over by Dr. Akinwumi Adesina, the President of the AfDB, convened key stakeholders to deliberate on pivotal energy and agricultural transformations for the African continent. Minister Adelabu took to Twitter to share the project's vision, emphasizing its goal to establish operational capacity throughout the entire value chain. AfDB's commitment extends to disbursing a previously approved $250 million fund for the Nigeria Electrification Project in collaboration with the Rural Electrification Agency. The bank has also pledged support for northern Nigerian states through the $20 billion Northern Africa Desert to Power Fund.
The NEP project is set to make a profound impact, providing new or improved access to electricity for over 600,000 people, including approximately 100,000 households, 70,000 MSMEs, and eight universities. Beyond simply delivering electricity, the project aims to foster an environment conducive to private sector participation. Notably, it places a strong emphasis on empowering women through integrated activities, such as the collection of sex-disaggregated data and gender-targeted marketing.
This commitment from the AfDB comes at a critical time for Nigeria, which currently faces the lowest level of electricity access globally. Shockingly, around 92 million people out of the country's 200 million population lack access to power. This situation poses significant challenges to economic development and the overall well-being of the nation.
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