General
AfDB Pledges $1bn for Nigeria’s Power Sector
By Adedapo Adesanya
The African Development Bank (AfDB) has announced plans to support Nigeria’s power sector with $1 billion to boost electricity.
Mr Kevin Kariuki, Vice President, Power, Energy, Climate Change and Green Growth Complex, AfDB, said this at the Eight Africa Energy MarketPlace (AEMP) Forum in Abuja organised by AfDB, Ministry of Power, and the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF).
“We will be shortly seeking board approval for a one billion dollars policy-based operation (PBO) with a significant energy component.
“This is aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act.
“The timing of the AEMP and the proposed policy-based lending focused on the energy sector is, therefore, not coincidental.
“We will finance the policy recommendations to actualise the expected outcomes from the National Integrated Electricity Policy and Strategic Implementation Plan.”
He said that good policies attracted sustainable investments, adding that enabling environment would maximise the value of ongoing investments, including the 256.2 million dollars Nigeria Transmission Expansion Project.
According to him, the project entailed the construction of 500 Kilometres (KM) of transmission lines and four substations with a capacity of over 1,000 Mega Volt Ampere (MVA).
“And the 200 million dollars Nigeria Electrification Project, which will build 150 mini-grids.
“Moreover, we are financing a study for the Transmission Company of Nigeria (TCN) to explore deployment of Battery Energy Storage Systems to enhance grid stability and facilitate greater uptake of renewable energy generation.
“Nigeria is part of our flagship $20 billion Desert-to-Power Initiative, which aims to generate 10,000 Megawatts (MW) of solar power across 11 countries in the Sahel region to provide power to 250 million Africans.”
According to the AfDB vice president, this shows great promise for increasing the proportion of renewable energy in Nigeria’s energy mix.
He said that through the multi-prong approach of supporting policy development, financing critical power sector infrastructure, and providing technical assistance and capacity building would be achieved.
“We strongly believe that our partnership with the Federal Government will ensure a viable and sustainable power sector that will yield the desired result,” he said.
On his part, the Minister of Power, Mr Adebayo Adelabu, said the NIEP-SIP would serve as a guiding blueprint for Nigeria’s energy development.
He said that Section 3 (1) of the Electricity Act, 2023, mandated the Ministry of Power to draft and publish, in the Federal Government Gazette, the Nigerian Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).
Mr Adelabu said the Act directed the ministry to do this in consultation with relevant government authorities and other stakeholders within one year of the commencement.
According to him, the NIEP-SIP will serve as a guiding blueprint for Nigeria’s energy development, addressing areas such as rural electrification, public-private partnerships for universal electricity access.
“Power-source specific policies, bulk power purchase, and management of local distribution in rural areas, among other pertinent aspects as directed by the federal government.
“In alignment with this legal mandate, the ministry of power has initiated the development of the NIEP-SIP, as required by EA-2023, aiming to address industry challenges and capitalising on opportunities identified during a comprehensive two-day retreat in December.
“I strongly believe and hope that through this collaboration, the Federal Government will leverage the opportunity provided by this AEMP to engage with stakeholders in the sector.”
The minister added that the collaboration would also facilitate the realisation of the goals of the mandate of section Three of the Electricity Act, 2023.
Adding his input, Mr Lamin Barrow, Director-General, Nigeria Country Department, AfDB said that the event was timely, coming in the wake of the ongoing rollout of the 2023 Electricity Act.
Mr Barrow said the event also provided a unique opportunity to contribute to the preparation of the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP), in line with the requirements of the new Electricity Act.
“As part of the AEMP, several technical sessions were held virtually that generated a raft of recommendations across key areas, including recapitalisation of the Nigerian Electricity Supply Industry (NESI).
“Reform of the National Wholesale Electricity Market, operationalisation of State-level electricity markets, accelerating Universal Access, promoting a Just Energy Transition, enhancing human capital and national content development.
“We wish to commend the experts for their contributions at these technical sessions and urge participants to share their insights and experience in the two-day sessions to inform the action place emanating from the Eight AEMP,” he said.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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