Business News

AfDB Pledges $1bn for Nigeria’s Power Sector

power sector liabilities

By Adedapo Adesanya The African Development Bank (AfDB) has announced plans to support Nigeria’s power sector with $1 billion to boost electricity. Mr Kevin Kariuki, Vice President, Power, Energy, Climate Change and Green Growth Complex, AfDB, said this at the Eight Africa Energy MarketPlace (AEMP) Forum in Abuja organised by AfDB, Ministry of Power, and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF). “We will be shortly seeking board approval for a one billion dollars policy-based operation (PBO) with a significant energy component. “This is aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act. “The