Power Africa – United States to Invest One Billion Dollars in NigeriaPower Africa - United States to Invest One Billion Dollars in Nigeria

Power Africa – United States to Invest One Billion Dollars in Nigeria

Few days ago US President, Donald Trump, called his Nigerian counterpart, Muhammadu Buhari. Now, an initiative of the United States to provide electricity in Africa, ‘Power Africa’, the world's most powerful country plans to invest about $1,000,000,000 (one billion dollars) on the power sector in Nigeria.

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Few days ago US President, Donald Trump, called his Nigerian counterpart, Muhammadu Buhari. Now, in an initiative of the United States to provide electricity in Africa tagged Power Africa, the world’s most powerful country plans to invest about $1,000,000,000 (one billion dollars) on the power sector in Nigeria.

This was revealed by the Power Africa Coordinator, Andrew Herscowitz while addressing a press conference in Abuja, on Tuesday.

Stating that the programme was targeted at strengthening Nigeria’s power sector, Herscowitz said US has already committed billions of dollars in funding the nation’s energy projects.

Herscowitz said the programme, launched by the Trump’s predecessor former President, Barack Obama in 2013 will add over 30,000 MW of efficient energy to the development in sub-Saharan Africa.

He said the Power Africa project will also aim at unlocking the substantial solar, wind, hydro power, natural gas, biomass, and geothermal resources on the continent.

“Since Power Africa was launched, U.S. Trade Development Agency has committed approximately $6, 500, 000 (six million, five hundred thousand dollars) in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to $2, 700, 000, 000 (two billion seven hundred thousand dollars) in investment.

“It has advanced 50 million dollars in financing from the Oversea Private Investment Corporation (OPIC) to Lumos, a Nigeria-based solar energy company, to scale up it’s off grid solar power service to about 200,000 Nigerian homes and businesses.

“Power Africa has backed power companies in Nigeria to the tune of $100, 000, 000 (One Hundred million dollars) in capital expenditure credit enhancement facility with a corresponding $6.5 million in technical support and another $1, 500, 000 (One Million Five Hundred dollars) for limited commodity to turn around the DISCOS.

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