US to invest $1 billion in Nigeria’s power sector


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US to invest $1 billion in Nigeria’s power sector
Posted on: February 17, 2017, 07:03:16 AM
Power Africa, the USAID-funded energy initiative created under the administration of former USA President, Barrack Obama, has announced plans to inject about $1 billion in Nigeria to develop her power sector.

Speaking at the Distribution Company workshop in Abuja, the program coordinator for the USAID (United States Agency for International Development), Andrew Herscowitz, said that the initiative remained committed to strengthening Nigeria’s energy feats, as demonstrated by its previous investments.

According to him, “since Power Africa was launched, USAID has committed about $6.5 million in funding for 10 activities supporting Nigeria’s power sector, which could leverage up to $2.7 billion in investment.“Also, about $50 million in financing from the Overseas Private Investment Corporation (OPIC) to Lumosto scale up its off-grid solar power service to about 200,000 Nigerian homes and businesses, and $1 billion in project pipeline.”

It was not revealed at the conference how the $1 billion in the pipeline will be allocated across the different energy resources.

He explained that the mission of Power Africa is to increase electricity access in sub-Saharan Africa by adding more than 30GigaWatts, GW, of clean and efficient energy through wind, solar, hydropower, natural gas and biomass projects.

However, the USAID recently, committed $4 million into off-grid solar in Sub-Saharan Africa.