FG, USAID sign N115bn MoU to support power sector reforms

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The United States Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding (MOU) to secure Nigeria’s commitment to electricity sector reforms, improve market transparency and liquidity, and expand access to affordable power.

The MOU, signed by USAID/Nigeria Mission Director Melissa Jones and Permanent Secretary Mahmuda Mamman, aims to implement a $115.2 million US government grant-funded technical assistance program to support power sector development and reforms in Nigeria.

With over 85 million Nigerians lacking access to grid power and many relying on expensive, emission-intensive generators, the power sector’s challenges hinder industrial growth, rural development, and overall economic progress

The partnership aims to enhance collaboration between USAID, the Nigerian government, and other key stakeholders, including local governments and the off-grid sector, to address these issues.

The Minister of Power, Adebayo Adelabu, expressed gratitude for USAID’s support, highlighting the transformative potential of the collaboration.

The partnership aims to ensure transparency, improve market liquidity, and accelerate Nigeria’s transition to clean energy solutions.

The Power Africa Initiative has already connected over 33 million Nigerians, mobilized $4.5 billion for power projects, and assisted over 200 private companies in the off-grid sector.

(THIS DAY)

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