United States Set To Invest $1B In Nigeria’s Power Sector
Few days after the United States, US, President, Donald Trump, called his Nigerian counterpart, Muhammadu Buhari, an initiative of the US country to light up Africa, ‘Power Africa,’ says it’s planning to invest about one billion dollars on the power sector in Nigeria.
This was disclosed by the programme’s Coordinator, Andrew Herscowitz while addressing a press conference in Abuja, on Tuesday.
Noting that the programme was aimed at strengthening Nigeria’s power sector, Herscowitz said US has already committed billions of dollars in funding the nation’s energy projects. Herscowitz disclosed that the programme which was launched by the immediate past US President, Barack Obama in 2013 is aimed at adding more than 30,000 megawatts efficient energy development in sub-Saharan Africa.
According to Herscowitz, the project also targets unlocking the substantial wind, solar, hydro power, natural gas, biomass, and geothermal resources on the continent.
He said, “Since Power Africa was launched, U.S. Trade Development Agency has committed approximately 6.5 million dollars in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to 2.7 billion dollars in investment.
“It has advanced 50 million dollars in financing from the Oversea Private Investment Corporation (OPIC) to Lumos, a Nigeria-based solar energy company, to scale up it’s off grid solar power service to about 200,000 Nigerian homes and businesses.
“Power Africa has supported power companies in the country to the tune of 100 million dollars capital expenditure credit enhancement facility with a corresponding 6.5 million dollars in technical assistance “And (supported) another 1.5 million dollars for limited commodity to turn around the DISCOS.”