Minister of Power, Adebayo Adelabu on Tuesday confirmed the World Bank and the African Development Bank have finalised a $30billion electric power investment in Africa.
Speaking during a visit by Splendor Electric Nigeria Limited, a porcelain insulator company located in Odogbolu, Ogun State, Adelabu said Nigeria will get about 25 per cent of the entire sum, which is estimated at $7.5 Billion.
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.
Among other things, the project would focus on the improvement and upgrade of power infrastructure. l
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.
According to the International Energy Agency,Nigeria’s national power grid collapsed 46 times between 2017 and 2023.
