US to inject $7.5m into power sector

Nigeria’s power sector is about witnessing a major leap as the United States has announced that it has committed approximately $6.5 million in funding energy projects in the country, in addition to another $1 billion investment in the pipeline, under the Power Africa initiative.

According to Mr. Andrew Herscowitz, Power Africa coordinator, who made the disclosure yesterday at the opening of a two-day cistribution company workshop in Abuja, functional power distribution companies are critical to the development of the country.

Power Africa was launched in 2013 to increase electricity access in sub-Saharan Africa by adding more than 30,000 megawatts of cleaner, more efficient energy.

Herscowitz said: “Since Power Africa was launched, USTDA has committed approximately $6.5 million in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to $2.7 billion in investment.

“Fifty million dollars in financing from the Oversea Private Investment Corporation to Lumos to scale up it’s off-grid solar power service to about 200,000 Nigerian homes and businesses, (and) $1 billion in project pipeline.”

Sun, February 15, 2017

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now