Nigeria to benefit from US $7bn Power commitment

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Nigeria to benefit from US $7bn Power commitment

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James Ighalo: This report that Nigeria will benefit from the power initiative is coming as the US is about to fulfill its initial commitment, three years after the launch of the program by President Barack Obama to bring about increased access to electricity in the continent, according to Power Africa partners. The US had pledged $7 billion initial commitment over five years as part of its contribution to drive the initiative. Experts said the US government has now nearly released the entire amount to the project.powerAt the recent US-Africa Business Forum, the US government and its Power Africa partners announced several new milestones across dozens of energy projects and transactions. These commitments totalling more than $1 billion worth of debt finance will support deals that aim to provide access to electricity across sub-Saharan Africa. US government’s initial $7 billion commitment has mobilised more than $52 billion in additional external commitments, including more than $40 billion in private sector commitments to invest in power generation and distribution across sub-Saharan Africa. The US African Development Foundation, USADF, announced 20 new $100,000 grants for African energy entrepreneurs in the newest round of the Off-Grid Energy Challenge. These winners are innovating, using renewable technologies from solar micro-grids to biogas, to bring electricity to rural communities living far from the national grid.

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