Nigeria’s Minister of Power, Adebayo Adelabu says the World Bank and the African Development Bank have finalised a $30billion electric power investment in Africa.
Adelabu said Nigeria will get about 25 per cent of the entire sum, which is estimated at $7.5 Billion.
The minister stated this during a visit by Splendor Electric Nigeria Limited, a porcelain insulator company located in Odogbolu, Ogun State.
He said, the banks intend to fund electrification projects to cater for 300 million Africans in the next 5 years.
He encouraged the management of Splendor to take part in the electrification that would soon commence, adding that he was confident that Nigeria would receive 20-25 per cent of the financing because of its huge populace.
“I want to inform you of the proposal or the intention, which is at an advanced stage, by the World Bank and the African Development Bank to spend about $30bn to extended electrification to an additional 300 million Africans within the next five years. And Nigeria is going to participate fully in this. I am confident that nothing less than 20 per cent or 25 per cent of this fund would come into Nigeria because of our population,” the minister disclosed.
Among other things, the project would focus on the improvement and upgrade of power infrastructure. Adelabu said the government is revamping the power sector and plans some regional collaboration to save the continent from energy poverty.
On the Siemens project, the minister highlighted the Presidential Power Initiative’s construction of thousands of additional lines and tens of new transmission injection sub-stations.
The minister said Phase 1 of the project would soon commence as the pilot stage of the Siemens project nears completion.
Nigerian Bureau of Statistics puts the total electricity costumers in the nation to less than 13 million. With a population of over 200 million people, Nigeria still grapples with an epileptic power supply.
Between 2017 and 2023, Nigeria’s national power grid collapsed 46 times, the International Energy Agency had reported.
According to the report, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.