Politics

Blackout: USAID to take a position N115bn in Nigeria’s energy sector

The United States Agency for International Development and the Federal Ministry of Power signed a memorandum of understanding on Wednesday to safe Nigeria’s dedication to electrical energy sector reforms, market transparency, liquidity, and increasing entry to reasonably priced energy.

The MOU was signed by USAID/Nigeria Mission Director, Melissa Jones, and the Permanent Secretary, Federal Ministry of Power, Mahmuda Mamman, to help the implementation of an N115.2bn US authorities grant-funded technical help programme supposed to help energy sector growth and reforms in Nigeria. Both events introduced this in a press release issued in Abuja by the ability ministry.

More than 85 million Nigerians don’t have any entry to grid energy, and lots of have suffered from unreliable energy provide. Given these challenges, many Nigerian households and companies depend upon costly, emission-intensive petrol and diesel backup mills.

The Nigerian energy sector’s long-standing challenges impair industrial development and financial competitiveness, rural growth, well being and schooling sector efficiency, in addition to the nation’s total financial development and growth.

Jones reiterated the US authorities’s dedication to advancing electrification in Nigeria.

She mentioned, “Today’s goal is to strengthen collaboration between USAID and the Federal Government of Nigeria and to provide a framework for our partnerships with other key actors, including state and Local Governments, electricity generation and distribution sectors and the off-grid sector. It is laudable and timely.”

The US authorities’s Power Africa Coordinator, Richard Nelson, noticed the signing ceremony, throughout his first official go to to Nigeria.

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“Nigeria is at the core of Power Africa’s strategy. I look forward to elevating our partnership to advance Nigeria’s progress towards our shared goal of ensuring access to reliable, sustainable affordable power for all,” he said.

The Minister of Power, Adebayo Adelabu, expressed gratitude for USAID’s continued help, emphasising the collaboration’s transformative potential.

“This partnership with USAID is a significant milestone in the journey towards achieving a sustainable and reliable electricity supply for all Nigerians. Together, we will tackle the longstanding challenges in the power sector, ensuring transparency, enhancing market liquidity, and accelerating our transition to clean energy solutions,” he said.

The assertion said that USAID works to mitigate these challenges by means of the Power Africa Initiative, a US government-led partnership that harnesses the collective assets of private and non-private sectors to double entry to electrical energy in sub-Saharan Africa.

It mentioned by means of the Power Africa Initiative, over 33 million Nigerians have been related, about $4.5bn have been mobilised for on-grid and off-grid energy initiatives in Nigeria, and over 200 personal firms within the off-grid sector have acquired help.

“This initiative will strengthen coverage frameworks, improve regulatory capacities, and encourage personal sector participation, in the end driving the nation in the direction of its clear vitality and internet zero carbon emissions targets.

“The ministry is committed to ensuring these interventions deliver tangible benefits to all Nigerians, promoting economic growth and sustainable development,” it said.

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