The Federal Government has been granted $200 million loan for the funding of the nation’s electrification project.“The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP),” AfDB said in a statement.
“The Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People’s Bank of China and administered by the African Development Bank, has also approved a $50 million loan to the Federal Government of Nigeria to co-finance the project.”
According to the statement, the joint financing is targeted at supporting the government efforts to address critical energy access deficit in the country, and catalyze achievement of universal energy access by 2030 targets.”
In 2017, the World Bank approved $350 million loan to Nigeria for the development of rural electrification projects in the country.“By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” said the Managing Director of the rural electrification agency, Damilola Ogunbiyi.“Access to reliable, affordable and clean electricity will result in savings for households and businesses, which can be deployed to other uses.”
Latest posts by Kingsley Ohioma (see all)
- #MandelaDay2019: 20 Memorable Quotes Of Nelson Mandela - July 18, 2019
- #BBNaija Day 3: What Got Frodd In Tears? - July 3, 2019
- Police Nab Nursing Mother With AK47 Used For Robbery In Ogun - June 19, 2019
CLICK HERE To Receive Updates On WhatsApp
TRENDING FOREIGN SONGS NOW
Lil Nas X - Old Town Road
Chris Brown ft. Drake - No Guidance
Khalid - Talk
Lil Dicky - Earth
Drake - Omertà
Migos - Stripper Bowl
Nicki Minaj - Megatron
Joyner Lucas - Devil's Work
DJ Khaled - "Higher" ft. Nipsey Hussle, John Legend
Joyner Lucas ft. Logic - "ISIS"
Cardi B - Press
TRENDING NAIJA SONGS NOW
Burna Boy - Anybody
Fireboy DML - Jealous
Sarz - Good Morning Riddim
Olamide - Oil And Gas
Burna Boy - Dangote
Fireboy DML - What If I Say
Rema - Corny
Larry Gaaga ft. Wizkid - Low
Skiibii - Daz How Star Do
Naira Marley ft. Zlatan - Am I A Yahoo Boy
TOP PICKS 🔥
5 Key Reasons For Visa Rejection
Top Mistakes To Avoid During A Visa Interview
7 Things Entrepreneurs Can Do To Stay Motivated
5 Beneifts Of Using Technology To Drive Your Business
Recession In Nigeria: Possible Ways To Survive In Business & Trade
