The Sustainable Energy Fund For Africa which is managed by African Development Bank has sanctioned an amount of US$500k in order to support and foster the development and launch of the NEAF.
The AfDB was founded in 1964 and comprises three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund. The AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.
The NEAF grant will be used to support the development of the NEAF and, in the long term, to mobilize the necessary funding for this sector. SEFA is managed by the AfDB’s Department of Energy, Climate and Green Growth. In 2018, SEFA provided a grant of $1.5 million to support the first phase of the Jigawa 1-GW Independent Power producer solar procurement program, implemented by the Nigerian government. In the same year, the AfDB provided $200 million to support the Nigeria Electrification Project (NEP), which aims to develop mini-grid solutions in the country.
“Nigeria requires bespoke and innovative market-based solutions to provide its off-grid population, estimated at 100 million, access to sustainable sources of energy, the SEFA grant will be instrumental in the constitution of NEAF, and ultimately, the mobilization of much-needed private sector investment for the sector.”, said Wale Shonibare, the Bank’s Acting Vice President for Power, Energy, Climate Change and Green Growth.
With a lot going on related to tackling environmental problems and meeting the climate saving goals, the Paris Climate Agreement and the recent climate summit, Greta Thunberg and her speech, etc, the approval of US$500k by the Sustainable Energy Fund For Africa has found significance. Such steps can bring about the change required to restore the collapsing Ecosystems and also in saving the mother Earth.
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