African Development Bank (AfDB) has Approves $210 million Loan for Nigeria's Power Sector
The African Development Bank (AfDB)
has approved a $210 million loan to help Nigeria upgrade its electricity
transmission and distribution network.
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| AfDB Source: EnvironmentNews |
According to the bank, the loan to
Transmission Company of Nigeria (TCN) will support construction of 330KV double
circuit quad transmission lines and sub-stations across the country.
The AfDB funded project will run
across seven states and will improve the capacity of power grid where it is
most constrained.
Nigeria privatised most of its power
sector in 2013 but retained control of its monopoly grid, operated by TCN. Most
of the country’s power generation is from thermal power stations that use gas.
The power grid has often been blamed
for hobbling growth in west Africa’s largest economy.
AfDB’s acting vice president for
Power & Energy, Wale Shonibare says implementing the project would increase
evacuation from the south towards the north, where power supply is limited.
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