African Development Bank approves $155m Power loan for Nigeria

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African Development Bank approves $155m Power loan for Nigeria

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The African Development Bank (AfDB) has approved and released $155 million to assist Nigeria to improve its power sector.
AfDB

AfDB

The loan is for Economic and Power Sector Reform Programme (EPSERP).The approval became effective from Oct. 19, 2012 and the amount was fully disbursed in two tranches on March 1, 2013, and Dec. 21, 2015.Mrs Fatimah Alkali, the Senior Communications Officer, AfDB Nigeria Country Office, said on Friday in Abuja that the bank had provided the interim chief executive to serve the programme for 12 months.Alkali said that the bank approved this request to support the Nigerian government in its power sector reforms and that the chief executive, a staff member, had been granted a special leave without pay for 12 months.“AfDB is committed in assisting Nigeria achieve the objectives of its reforms in the power sector in accordance with the priorities already approved by the authorities.“It is to be noted here, that the appointment of the Transmission Company of Nigeria (TCN) management is a prerogative of the national authorities.“The support was aimed at improving power systems and the business environment.“And the loan is meant in sustaining growth through sound macroeconomic policies and budget priorities,” Alkali said.She said that the programme would benefit the entire population of Nigeria in terms of extended access to a more reliable supply of electricity at improved quality and reduced cost.According to her, the EPSERP would have a major positive impact on the private sector through the substantial reduction in the cost of doing business for all economic sectors.“Particularly in the formal and informal manufacturing and service activities which are seriously constrained by the power supply gaps,” she added. (NAN)

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