International finance institutions the World Bank and the African Development Bank (AfDB) plan to invest $30 billion over the next five years to boost electricity supply for 300 million Africans.
The financing will be used to enhance and upgrade power infrastructure across the continent.
Nigeria’s Minister of Power Adebayo Adelabu has encouraged the World Bank and AfDB to allocate 25% – roughly $7.5 billion – of the financing to Nigeria, given its population of 218.5 million people.
To address power shortages, the Nigeria government, in collaboration with tech conglomerate Siemens, is advancing the Presidential Power Initiative. With phase 1 set to commence in 2025, the initiative aims to build new power lines and numerous transmission and injection substations in the country.
