Hope for stable electricity is in horizon as the United States government said yesterday it plans to invest $1 billion, about N400 billion on the power sector.

America plans to make the investment through its Power Africa Initiative.

Coordinator of Power Africa, Andrew Herscowitz told a news conference in Abuja that the the U.S. was committed to strengthening the power sector in Nigeria, adding that America has already committed billions of dollars in funding the nation’s energy projects.

Launched by President Barack Obama in 2013, `Power Africa’ aims to increase electricity access, by adding more than 30,000 megawatts of cleaner, more efficient energy development in sub-Saharan Africa.

Herscowitz said the project also targets unlocking the substantial wind, solar, hydro power, natural gas, biomass, and geothermal resources on the continent.

“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.

“Power Africa has supported power companies in the country to the tune of 100 million dollars capital expenditure credit enhancement facility with a corresponding 6.5 million dollars in technical assistance

“And (supported) another 1.5 million dollars for limited commodity to turn around the DISCOS,” he said.

He said that functional power distribution companies were critical to the development of the country.

According to him, well functioning DISCOs are critical to the delivery of electricity in Nigeria.

“If the DISCOs do not work, the energy sector as a whole does not work.”



He said Nigeria, like any country, needed to see capital flowing through the entire energy value chain

http://www.metronaija.com/2017/02/america-pumps-n400bn-into-nigeria-for.html

cc: lalasticlala mynd44

America Wanna Brain Wash Nigeria...They Will Definately Collect Something Worth 2x Of The Money In Return

Etzakoos:
America Wanna Brain Wash Nigeria...They Will Definately Collect Something Worth 2x Of The Money In Return

Exactly what they have been doing from time immemorial.

....

We Are Just Hearing And Reading Dollars With No Improvement

What Obama could not achieve?

A book just crossed into my mind... "Confession of an Economic Hitman".

The world is all about commerce. Nobody gives you $1b for free. Only God knows what the U.S. is up to.

They have this much care for Africa and killed Gaddafi for wanting to do same thing.