Nigeria's Power Sector Attracts $1 Billion Investment, After Trump's Call With Buhari
The programme’s Coordinator, Andrew Herscowitz stated this while addressing a press conference in Abuja, on Tuesday.
He noted that the programme was aimed at strengthening Nigeria’s power sector.
Herscowitz said US has already committed billions of dollars in funding the nation’s energy projects.
The programme which was launched by the immediate past US President, Barack Obama in 2013 is aimed at adding more than 30,000 megawatts efficient energy development in sub-Saharan Africa.
According to Herscowitz, the project also targets unlocking the substantial wind, solar, hydro power, natural gas, biomass, and geothermal resources on the continent.
He said, “Since Power Africa was launched, U.S. Trade Development Agency has committed approximately 6.5 million dollars in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to 2.7 billion 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.