{"id":58214,"date":"2024-12-19T09:06:13","date_gmt":"2024-12-19T09:06:13","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=58214"},"modified":"2024-12-19T09:06:13","modified_gmt":"2024-12-19T09:06:13","slug":"nigeria-secures-750-million-world-bank-loan-to-drive-renewable-energy-revolution","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/12\/19\/nigeria-secures-750-million-world-bank-loan-to-drive-renewable-energy-revolution\/","title":{"rendered":"Nigeria Secures $750 Million World Bank Loan to Drive Renewable Energy Revolution"},"content":{"rendered":"

By Gabriella Ogbu<\/strong><\/em><\/p>\n

In a bold move to transform Nigeria’s energy sector, the Federal Government has secured a $750 million loan from the World Bank to accelerate its renewable energy ambitions.<\/p>\n

This financing comes as part of a broader strategy to improve electricity access for millions of Nigerians, especially in underserved rural areas.<\/p>\n

With nearly 80 million people lacking reliable power, the government is rolling out mini-grids under the e-HEART project, which aims to power critical sectors like education, healthcare, agriculture, and transportation.<\/p>\n

Additionally, a $700 million commitment from the African Development Bank will fuel the \u201cDesert to Power\u201d initiative, tapping into the vast solar potential of Nigeria’s northern regions to provide sustainable energy for local communities.<\/p>\n

Minister of Power, Chief Adebayo Adelabu, emphasized at a recent workshop in Abuja that off-grid solutions will be central to bridging the nation’s energy gap.<\/p>\n

\u201cThese projects will directly benefit at least 13 million Nigerians,\u201d said Adelabu, who was represented by Dr. Sunday Owolabi, Director of Renewable and Rural Power Access.<\/p>\n

The government\u2019s investment doesn\u2019t stop there. \u20ac161 million has been approved for power substation upgrades under the Presidential Power Initiative, promising an additional 150 MW to the national grid and improved infrastructure across 14 substations, with 21 new ones on the way.<\/p>\n

With over 183 communities already benefiting from 124 mini-grids and 25,580 solar home systems, the Rural Electrification Agency (REA), is setting the stage for more impactful projects, including solar-powered tricycles and charging stations for rural areas.<\/p>\n

As the government pushes for an energy revolution, REA CEO Engr. Abba Aliyu calls on state governments and the private sector to join in, ensuring a sustainable and reliable power supply for all Nigerians.<\/p>\n

The future is bright as the Desert to Power and National Power Central Solarization projects are slated to begin next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Gabriella Ogbu In a bold move to transform Nigeria’s energy sector, the Federal Government has secured a $750 million loan from the World Bank to accelerate its renewable energy ambitions. This financing comes as part of a broader strategy to improve electricity access for millions of Nigerians, especially in underserved rural areas. With nearly […]<\/p>\n","protected":false},"author":29,"featured_media":58215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-58214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=58214"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58214\/revisions"}],"predecessor-version":[{"id":58216,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58214\/revisions\/58216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/58215"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=58214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=58214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=58214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}