Nigeria is to receive a $500 million loan from the African Development Bank (AfDB) to help increase access to electricity and support the country’s energy transition plan. The Bank’s Board of Directors approved the loan to finance the first phase of the country’s Economic Governance and Energy Transition Support Programme (EGET-SP). The loan will help close the financing gap of the Federal Budget in the 2024/25 fiscal year, specifically supporting the implementation of the country’s new Electricity Act and the Nigeria Energy Transition Plan. Programme to support energy transition plan’s policiesThe Nigerian government launched the energy transition plan in August 2022. The energy transition plan envisions the development, by 2050, of 250GW of installed electricity capacity, 90% of which will be renewable.

Source: The North Africa Journal August 01, 2024 13:28 UTC