The World Bank is about to release funds for project implementation to the Rural Electrification Agency that will serve to complement the annual budgetary allocation from the Federal Government
The Minister of State for Power, Goddy Jedy-Agba revealed this at the REA Management and Retreat in Abuja.
The REF Executive Director, Dr. Sanusi Ohiare, in his presentation in the retreat clamoured for more funding for more projects.
He said REF is seeking increased funding, to ensure the bill in the National Assembly improves the financial status of the REF.
He revealed that following the efficient utilization of its seed fund, the REF earned the confidence of the World Bank, stressing the African Development Bank supported it with $250million.
He noted that following its success story, the agency has several rural projects in partnership with GIZ for mini grid to see how to partner with the electricity distribution companies for projects in areas the DisCos are not interested in.
The REA Managing Director, Ahmad Salihijo Ahmad, said the agency in its bid towards fulfilling its mandate of providing electricity to unserved and underserved rural communities across the country held a town hall meeting with the Board, Management and all staff from the Corporate Headquarters and Zonal Offices.
Vision 7, 2030 of the sustainable development goals, is about ensuring access to clean and affordable energy, which is key to the development of agriculture, business, communications, education, healthcare and transportation.
The lack of access to energy hinders economic and human development.
Latest data suggests the world is making appreciable progress towards its sustainable energy targets.
At the gathering, Minister of state for Power, Jeddy Agba said the projects implemented through the Rural Electrification Agency will go a long way in closing the energy gap and bringing life to unserved and underserved Nigerians.
Thee chief of the rural Electrification Agency on his part, implored stakeholders to contribute ideas on how Nigeria can build sustainable rural communities that thrive and deliver their quota to the economy especially in areas of agriculture, mining and light manufacturing.
Rural Electrification remains important as it continues to play an important role in the global conversation in energy transition and off-grid Electrification.