Power Africa to Invest Big in Powering Nigeria
Thursday, February 16, 2017  Printer Friendly Email this article

Power Africa, the USAID initiative, plans to invest about $1 billion in the Nigerian power sector, according to the program coordinator Andrew Herscowitz.

At a media conference Herscowitz said “Since Power Africa was launched, the U.S. Trade Development Agency has committed approximately $6.5 million in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to $2.7 billion in investment. It has advanced $50 million in financing from the Oversea Private Investment Corporation (OPIC) to Lumos, a Nigeria-based solar energy company, to increase its off grid solar power service to about 200,000 Nigerian homes and businesses,” he explained, adding that the program also supported power companies by providing technical assistance.

Herscowitz also said that the program has committed another $1.5 million to improve the distribution of electricity in Nigeria.

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