Nigeria secures a $500 million loan from the African Development Bank (AfDB)
The African Development Bank Group (AfDB) has approved a $500 million loan for Nigeria to enhance its electricity infrastructure and promote cleaner energy sources. The funding will support the Economic Governance and Energy Transition Support Program (EGET-SP), which aims to improve access to renewable energy and implement Nigeria’s new Electricity Act and Energy Transition Plan. The initiative includes developing 250 GW of installed electricity capacity by 2050, primarily from renewable sources, and providing clean cooking solutions. The loan will also help address the metering gap and eliminate estimated billing by the end of 2024. This comes alongside other international support, including World Bank loans for Nigeria’s energy sector.
