Nigerian Govt to request USD 200 million loan for rural electrification project.
The Nigerian government approves a request to obtain a USD 150 million loan from African Development Bank (AfDB). More so, the loan will feature an additional USD 50 million fund from the Africa Grow Together Fund – a co-financing fund between AfDB and People’s Bank of China.
The ministry of Power, Works and Housing intends to use this money to finance the ongoing rural electrification initiative. Interestingly, this plan has been ongoing since 2016 with an intension to power 19,888 homes before 2020. The vision is to provide rural communities with access to clean and sustainable electricity.
Therefore, during the weekly Federal Executive Council (FEC) meeting, the minister of Finance presented a memo seeking approval for the project funds. The plan is to spend the USD 200 million on providing electricity for about 105,000 households. Minister of Finance, Zainab Ahmed said “Council approved three memos for ministry of finance. In essence, the rural electrification of Nigeria will bring a wider economic impact once implemented by the Rural Electrification Agency.”
The Federal Executive Council has approved the request to obtain a loan of $150m from @AfDB_Group to finance the Nigerian Electrification Project &an additional $50m loan facility from the African Grow Together Fund was also approved for the execution of the electrification pic.twitter.com/jEBZyiWBbF
— SDGRadioNG (@SDGRadioNG) April 18, 2019