The African Development Bank (AfDB) says it has approved a grant of 1.5 million dollars (about N540 million) to support power project in Jigawa state.
Vice President, Power, Energy, Climate and Growth complex of the bank, Mr Amadou Hott, disclosed in Abidjan, on Saturday.
“Presently, we have approved in Jigawa state, a grant of more than 1.5 million dollars to develop a project to build two times 100 megawatts.
“The grant has just been approved by the board two days ago.
He said “The idea there is to really use the money to establish everything required to develop the project, to make sure everything is available and then organize a bidding process to attract investors ’’.
According to him, there are other projects the bank has invested in Nigeria, like the Gas to power project, targeting 500 megawatts.
He added that “ We are hoping to get on board on that by next year, and also the 14 solar power mix being prepared in Nigeria with sovereign investors,’’
The Vice President noted that some investor had approached the bank to finance their work, adding that the bank would be involved in five or six of the 14 projects.
He further said that the bank had supported programme that was already put in place, to ensure the success of initiative.
On electricity generation, he said the bank had been doing a lot in the country in the past five years.
He said the AfDB financed 1,400 megawatts of power and 100 per cent of them were on renewable energy, such as solar and hydro.
He said that going forward, the bank would increase a lot of its shares in renewable energy portfolio.