Abuja, Dec. 4, 2018 (AltAfrica)-The Federal Government has secured a fresh  $200 million loan for the funding of the nation’s electrification project.“The Board of Directors of the African Development Bank Group has approved a $150 million sovereign loan to the Federal Government of Nigeria to finance the Nigeria Electrification Project (NEP),” AfDB said in a statement.

“The Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by the People’s Bank of China and administered by the African Development Bank, has also approved a $50 million loan to the Federal Government of Nigeria to co-finance the project.”

According to the statement, the joint financing is targeted at supporting the government efforts to address critical energy access deficit in the country, and catalyse achievement of universal energy access by 2030 targets.”

In 2017, the World Bank approved $350 million loan to Nigeria for the development of rural electrification projects in the country.“By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” said the Managing Director of the rural electrification agency, Damilola Ogunbiyi.“Access to reliable, affordable and clean electricity will result in savings for households and businesses, which can be deployed to other uses.”