Would you like to receive notifications on latest updates of the following headlines?

FG plans to boost power supply with $750m World Bank loan

POSTED ON December 19, 2024 •   Business      BY Benedicta Bassey
The Minister of Power, Adebayo Adelabu. Photo: Nairametrics

ABUJA, Nigeria — In a bid to tackle the challenges in achieving steady power supply from the national grid, the federal government has shifted focus to the renewable energy sector to boost supply to education, health, agriculture, rural communities and transportation sectors with $750m world bank loan.

The government explained that the e-HEART project aims to deploy mini-grids to solve the energy access problems in rural communities, thereby creating sustainable economies and reducing rural-urban drift in Nigeria.

The government also earmarked another $700 million from the African Development Bank, AfDB, to fund the “desert to power” project which seeks to harness the abundant sunlight in the northern region of the country to generate renewable energy for communities.

Speaking at a stakeholder’s engagement workshop organized by the Rural Electrification Agency, REA, the Minister of Power, Adebayo Adelabu, said off-grid electricity supply had become a key component of the government’s plan to bridge the electricity supply gap.

Adelabu, who was represented by the Director, Renewable and Rural Power Access, Dr Sunday Owolabi, expressed optimism that the various projects in the renewable energy sector would impact at least 13 million Nigerians.

He said, “At the recent Federal Executive Council, FEC, His Excellency approved N161 million worth of contracts for the upgrade of power substations under the Presidential Power Initiative, PPI. I am happy to assure you that we are on course to deliver an additional 150MW to the grid while impacting 14 existing substations and establishing 21 new ones.

“The team at the Rural Electrification Agency, REA, have also been hard at work as we approach the kick-off of the Distributed Access through Renewable Energy Scale-up, DARES, programme, which I believe many of you must have heard about. Our partners at the World Bank have committed $750 million to this groundbreaking project and we are certain that over 13 million Nigerians will be impacted through the DARES (Distributed Access through Renewable Energy Scale-up)”.

Also speaking, the Managing Director/CEO, REA, Engr. Abba Aliyu, noted that the Rural Electrification Fund has deployed 124 mini-grids and 25,580 solar home systems with a combined capacity of 16.6MW.

He disclosed that 195,198 connections had been made with 183 communities and 12 markets among the beneficiaries.

Aliyu said the project would provide uninterrupted power supply to 3,700 primary healthcare centres, 25 schools per state and FCT, 25 communities in each state and FCT, and solar powered tricycles and charging stations across the 36 states and the Federal Capital Territory, FCT.

“I want to state that there was never a time in this country that the renewable energy sector has received the level of attention and support that we are getting from this government. The first act the President signed when he assumed office is the Electricity Act and this is the reason why we are here.

‘’It is the basis why all the commissioners from the states are here and it is the reason why we have much more opportunities for states and local governments to get involved in the electricity sector,” he stated.

READ ALSO
Sierra Leone airline begins direct flight from Lagos to Freetown
BY Abiodun Saheed Omodara January 23, 2025 0

After a 15-year break, Air Sierra Leone successfully completed its inaugural flight from Freetown to...

READ ALSO
Savannah energy reports $258.7m in 2024, exceeding financial guidance
BY Abiodun Saheed Omodara January 23, 2025 0

The British independent energy company, Savannah Energy Plc has declared a total revenue of $258.7 m...

READ ALSO
Nigeria's economic prospects highlighted ahead of WEF 2025
BY Abiodun Saheed Omodara January 22, 2025 0

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has indicated that Nige...

READ ALSO
Africa now an investment destination – Shettima
BY Abiodun Saheed Omodara January 22, 2025 0

Vice-President Kashim Shettima urged global investors to consider Nigeria's expanding business prosp...

READ ALSO
Ecobank partners with credicorp on flexible customer loans
BY Abiodun Saheed Omodara January 22, 2025 0

Ecobank Nigeria has teamed up with the Nigerian Consumer Credit Corporation to provide customers wit...

READ ALSO
W’Bank imposes 30-month debarment on Nigerian coy’s for corruption
BY Abiodun Saheed Omodara January 22, 2025 0

The World Bank Group has announced a 30-month debarment for two companies based in Nigeria, Viva Atl...

READ ALSO
TUC advocates for Tax reassessment to support Nigerians
BY Abiodun Saheed Omodara January 22, 2025 0

The Trade Union Congress of Nigeria (TUC) has urged for a reassessment of certain aspects of the tax...

READ ALSO
NCC approves 50% tariff adjustment for telecom operators amid rising costs
BY Abiodun Saheed Omodara January 21, 2025 0

The Nigerian Communications Commission (NCC) announced on Monday that it has approved a tariff adjus...

OUR CHANNELS:

Tinubu Returns to Nigeria From Tanzania
BY Abiodun Saheed Omodara January 30, 2025 0

President Bola Tinubu has returned to Abuja following his attendance at the Africa Heads of State En...


Obi emphasises focus on Nigerians' welfare, seek coalition for 2027 elections
BY Abiodun Saheed Omodara January 30, 2025 0

Labour Party presidential candidate Peter Obi has expressed his willingness to a coalition ahead of...


FAAN ease traffic congestion, suspends access gate fees at Abuja Airport
BY Abiodun Saheed Omodara January 28, 2025 0

The Federal Airports Authority of Nigeria has announced the suspension of all access gate fees at th...


Obasa challenges removal as Speaker, Denies corruption allegations
BY Abiodun Saheed Omodara January 27, 2025 0

The impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has faulted his removal...


Court orders woman to pay N150, 000 for boyfriend emotional distress
BY Abiodun Saheed Omodara January 27, 2025 0

A Magistrate Court in Ilesa, Osun State, has ordered Rhoda Adu to pay N150,000 in damages for not vi...


U.S. halts all foreign aid, exempt Israel, Egypt amid 'America First' Policy Shift
BY Abiodun Saheed Omodara January 30, 2025 0

USA (AFP) - The United States, the largest donor globally, halted nearly all foreign aid on Friday,...


NELFUND reaffirms commitment to affordable education
BY Abiodun Saheed Omodara January 28, 2025 0

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has reiterat...


Edo report eight Lassa Fever deaths, 56 cases
BY Abiodun Saheed Omodara January 26, 2025 0

Edo State has reported 56 cases of Lassa Fever and eight fatalities from December 30, 2024, to Janua...


Olamide teases fans with new project announcement, After Idan Buruku
BY Abiodun Saheed Omodara January 25, 2025 0

After thrilling fans with "Idan Buruku," an electrifying freestyle that takes listeners back in time...


Congo military gov. dies during clash with M23 rebels
BY Abiodun Saheed Omodara January 28, 2025 0

The military governor of North Kivu province in the Democratic Republic of Congo has succumbed to gu...


More Articles

Load more...

Menu