Business
US gives Nigeria conditions to support its power sector with $1bn
Though Nigeria has been listed as one of the priority countries to benefit from United States $10bn-assisted power project for Africa, the USAID-funded Energy Initiative (UEI) said the country should indicate the most important areas of the sector that need urgent attention for it to draw $1 billion support from the total fund in 2017.
This was disclosed by the programme coordinator for the USAID, Andrew Herscowitz, at a one-day power workshop, his agency organised for the Distribution Companies in Abuja, on Friday.
He said that the initiative remained committed to strengthening Nigeria’s energy feats, as demonstrated by its previous investments.
The UEI, which was created by the administration of former USA President, Barrack Obama, has also announced plans to inject more funds to develop Nigeria’s power sector, if the policy is made better.
According to him, “since Power Africa was launched, USAID has commuted about $6.5 million in funding for 10 activities supporting Nigeria’s power sector, which could leverage up to $2.7 billion in investment.“
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Though an aide to Minister of Power, Works and Housing, Mr. Babatunde Fashola failed to disclose how the $1 billion will be allocated across the different energy resources, it was learnt that generation will gulp about 80 per cent of the fund.
But Herscowitz, explained that the mission of Power Africa is to increase electricity access in sub-Saharan Africa by adding more than 30GigaWatts, GW, of clean and efficient energy through wind, solar, hydropower, natural gas and biomass projects.
However, the USAID recently, committed $4 million into off-grid solar in Sub-Saharan Africa.
In the past two months, there has been a series of rifts involving the Transition Companies of Nigeria (TCN), still under government control, and the two privatised sub-sectors: the Dicos and Gencos over lack of synergy on how to attain efficiency in power supply in Nigeria despite private sector buying up the industry.
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seyi jelili
February 18, 2017 at 6:03 pm
Though an aide to Minister of Power, Works and Housing, Mr. Babatunde Fashola failed to disclose how the $1 billion will be allocated across the different energy resources, it was learnt that generation will gulp about 80 per cent of the fund.
Why are our journalists so stupid sometimes? So they want Fashola to start counting chicks before the eggs hatch? When we are giving the money, he will allocate it across different energy resources judiciously.
Johnson Amadi
February 18, 2017 at 6:57 pm
If our journalists are stupid, why not pick up a career in journalism so you can display your stupidity and end up the rest of your low-class life in jail? What can you report, have you ever reported anything in your entire life? Nigerian journalists deserve some accolades, if not for them, I’m sure your brain will be empty, your eyes will be blind to things going on around you. If you want to correct anyone, correct them with respect, you don’t have to display your madness when doing it.
Margret Dickson
February 18, 2017 at 6:46 pm
USA will never give anybody anything without getting anything in return. They so much like trade by barter, especially now that Donald Trump is the president, it won’t be easy for the country to give anything out for free
JOHNSON PETER
February 18, 2017 at 7:42 pm
With this $1bn , our power should be fixed
Fashola should be please present our papers well detailing the serious areas because US are diplomatic and smart, if they discover any discrepancies, they will withdraw.