NERC Proposes $2bn Industrial Power Fund to Boost Nigerian Economy
The Nigerian Electricity Regulatory Commission (NERC) has suggested a $2 billion industrial power fund to drive economic growth by shifting focus from rural electrification to powering industrial clusters. The fund, managed by the Rural Electrification Agency (REA), includes contributions from the World Bank, African Development Bank, and Global Energy Alliance.
This initiative aims to address power deficits in manufacturing corridors like Lagos, Ogun, Kano, and Nnewi, where inadequate electricity supply hampers production and investment. By reallocating funds to support industrial zones, Nigeria seeks to reduce energy costs, enhance capacity utilization, attract private investments, and promote renewable energy projects.
Plus234Feed summary based on reporting from The Will. Read the original report below.
Read full article
Continue on The Will
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NERC Concludes Consultation on Draft Net Billing Regulations for Excess Power Generators
Nigeria's Power Sector Sees $2bn Investments Amid Reforms
Northern Elders Secure $10bn for Northern Nigeria Development
CBN Lowers Monetary Policy Rate to 23% Impacting Investments
NNPCL Lowers Petrol Prices in Lagos and Abuja
NMDPRA Unveils Anti-Monopoly Rules for Petroleum Sector
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
