US to inject $7.5m into power sector

Nigeria’s power sector is about witnessing a major leap as the United States has announced that it has committed

approximately $6.5 million in funding energy projects in the country, in addition to another $1 billion investment  in the pipeline, under the Power Africa initiative.

      According to Mr. Andrew Herscowitz, Power Africa coordinator, who  made the disclosure yesterday at the opening of a two-day cistribution company workshop in Abuja, functional power distribution companies are critical to the development of the country.   

    Power Africa was launched in 2013 to increase electricity access in sub-Saharan Africa by adding more than 30,000 megawatts of cleaner, more efficient energy.

Herscowitz said: “Since Power Africa was launched, USTDA has committed approximately $6.5 million in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to $2.7 billion in investment.

“Fifty million dollars in financing from the Oversea Private Investment Corporation to Lumos to scale up it’s off-grid solar power service to about 200,000 Nigerian homes and businesses, (and) $1 billion in project pipeline.”

leave a reply