AFDB Approves $500m Loan For Nigeria’s Energy Reforms
The African Development bank group has announced the approval of a fresh $500m loan to the federal government of Nigeria to finance the second phase of the economic governance and energy transition support programme.
The bank, in a statement by its communication and external relations department official, Alexis Adélé, on Wednesday said the AFDB board of directors approved the loan during a meeting in Abidjan and that it covers fiscal years 2024 and 2025.
According to the statement, The Loan is also aimed at accelerating improvements in the power engineering sector so as to reduce energy poverty, expand access to electricity, enhance sector governance, and attract greater private investment.
