![\"\"](\"http:\/\/abdas.org\/wp-content\/uploads\/2018\/12\/adbnews.jpg\")
The financing will facilitate private sector development and rollout of off-grid solutions, also installation of dedicated power systems for Federal Universities thus supporting rural electrification efforts in Nigeria.<\/p>\nThe financing will facilitate private sector development and rollout of off-grid solutions, also installation of dedicated power systems for Federal Universities thus supporting rural electrification efforts in Nigeria.<\/p>\n
The Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People\u2019s 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.<\/p>\n
The Federal Government of Nigeria\u2019s efforts to address critical energy access deficit in the country and catalyze achievement of universal energy access by 2030 targets. This is a major support by the joint financing from the Bank and AGTF.<\/p>\n
Understanding the importance of projects that leverage private sector investment into energy access solutions, The Bank\u2019s Vice President for Power, Energy, Climate Change and Green Growth, Amadou Hott, welcomed the Board\u2019s approval of NEP. <\/p>\n
The NEP is aligned with the African Development Bank\u2019s New Deal on Energy for Africa and The Bank\u2019s Climate Change Action Plan. The project is further cooperated with the Federal Government of Nigeria\u2019s Rural Electrification Strategy and Implementation Plan (RESIP), and the Power Sector Recovery Programme whose objective is to increase private investments into the energy sector.<\/p>\n
The main objective of NEP is to lessen the risk and boost up private sector investment in the off-grid sector. The African Development Bank, operating both within the framework of NEP and in the context of its other initiatives in the country\u2019s energy sector, will work with public and private sector stakeholders to encourage the development of an ecosystem that is conducive to facilitating the rapid, effective and commercially viable electrification of Nigeria\u2019s off-grid communities.<\/p>\n
By increasing access to affordable electricity at Federal Universities through hybrid power plants that reduce heavy reliance on diesel generators, NEP will also create jobs, and impact the Federal Government of Nigeria\u2019s broader education sector goals.
\nCommenting on the Board approval, the Managing Director of the Rural Electrification Agency, Damilola Ogunbiyi, said: \u201cWe are extremely pleased with the African Development Bank\u2019s decision to support NEP. By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development.<\/p>\n","protected":false},"excerpt":{"rendered":"
The financing will facilitate private sector development and rollout of off-grid solutions, also installation of dedicated power systems for Federal Universities thus supporting rural electrification efforts in Nigeria. The Africa … <\/p>\n","protected":false},"author":1,"featured_media":19300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[473],"tags":[],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/posts\/19299"}],"collection":[{"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/comments?post=19299"}],"version-history":[{"count":0,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/posts\/19299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/media\/19300"}],"wp:attachment":[{"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/media?parent=19299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/categories?post=19299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abdas.org\/wp-json\/wp\/v2\/tags?post=19299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}