BusinessEnergy

World Bank to provide US $750 million for clean energy projects in Nigeria

The bank said that more than 85 million people lacked access to electricity in Nigeria as of 2021, with households and businesses reliant on expensive diesel and petrol generators

The World Bank’s fund for poor countries plans to provide a credit of US$750 million for clean energy projects in Nigeria to increase to electricity in Africa’s most populous nation, the International Development Association said on Friday.

The bank said that more than 85 million people lacked access to electricity in Nigeria as of 2021, with households and businesses reliant on expensive diesel and petrol generators.

 

It said the Distributed Access through Renewable Energy Scale-up (DARES) project will be financed by the International Development Association credit and provide access to new or improved electricity supplies to more than 17.5 million Nigerians.

“To further address the access gap, DARES will build on the achievements of the World Bank-financed Nigeria Electrification Project, which has supported the establishment of 125 mini grids and the sale of over a million Solar Home Systems, through which more than 5.5 million Nigerians have gained access to electricity,” the World Bank said.

 

It added that the project will leverage parallel financing of $100 million from the Global Energy Alliance for People and Planet and $200 million from Japan’s International Cooperation Agency in addition to over $1 billion of private capital.

 

Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in to broadcasts online: asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming on facebook.com/asaase99.5. Also on YouTube: 
AsaaseXtra.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.

#Asaase321
#TheVoiceofOurLand
#WeAreHere
#WeLoveOurLand
#SafeMotorway4All

Source
Reuters
Show More

Related Articles

Back to top button

Adblock Detected

ALLOW OUR ADS