People’s Bank of China-sponsored Africa Growing Together Fund provides $50 million loan for Nigeria Electrification Project

On December 3, 2018, the Africa Growing Together Fund (AGTF) committed to provide a $50 million loan to the Nigerian Government to support the Nigeria Electrification Project (NEP). This project is co-financed by a $150 million loan from the African Development Bank (AfDB). The NEP aims to further electrification in rural areas of Nigeria through private sector development, off-grid solutions, and the instillation of power systems specific for Federal Universities. This project is part of an initiative for universal energy access within Nigeria by 2030 and is to be implemented by the Rural Electrification Agency (REA). On March 17, 2020, this project was officially launched. Mini-grid and off-grid solutions will be installed in four states across Nigeria; Niger, Ogun, Sokoto and Cross River. The AGTF is a $2 billion loan facility established in 2014 sponsored by the People’s Bank of China and administered by AfDB. The facility specifically targets projects valued at $200 million or above and offers loan conditions identical to those provided by AfDB.

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