AfDB Approves $500m Loan for Nigeria's Energy Reforms to Boost Power Sector

The African Development Bank (AfDB) has approved a $500 million loan for Nigeria's energy reforms as part of the second phase of the Economic Governance and Energy Transition Support Program. The loan aims to strengthen fiscal policies, enhance public financial management, and drive economic growth through energy sector reforms.

It seeks to reduce energy poverty, expand access to electricity, and promote climate change adaptation and mitigation efforts. The program will involve key Nigerian agencies like the Ministry of Power, Federal Inland Revenue Service, and others to support the country's transition to a more sustainable and inclusive economy.