AfDB Grants Nigeria $200m Loan For Electrification
File Image: Businessamlive

The Rural Electrification Agency (REA) has said it will now be better positioned to connect communities without electricity in the country.

This followed the approval, Monday, of a $200m loan by the African Development Bank (AfDB) for rural electrification.

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Speaking on the development, the Managing Director of the agency, Damilola Ogunbiyi it is pleased with the development.

“We are extremely pleased with the African Development Bank’s decision to support NEP. By supporting the electrification of unconnected and underserved communities, NEP will contribute materially to their economic development,” he said.

“Access to reliable, affordable and clean electricity will result in savings for households and businesses, which can be deployed to other uses. NEP will also train and employ thousands of Nigerians with particular focus on women and young people.”