Nigeria Expands Gas Distribution, Mini Electricity Grids With Another Loan Facility
The fund is part of a $1 billion facility set up by the International Finance Corporation, IFC through grants from the Rockefeller Foundation and the African Development Bank, AfDB.
According to the Managing Director of the IFC, Makhtar Diop, Nigeria is the first country to benefit from the fund.
He explained that the fund was set up to finance renewable energy projects.
In a related development, the Nigeria National Petroleum Company Limited has flagged up the construction of five new mini-LNG plants in Ajaokuta, Kogi State penultimate Thursday.
The five new plants, all in Ajaokuta, include PRIME LNG, NGML/Gasnexus LNG, BUA LNG, Highland LNG and LNG Arete.
The plants will boost power generation and expand access to Liquified Petroleum Gas as a clean source of cooking.
The company also co-won a license with BUA Group from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the development of another mini-LNG in Ajaokuta.
It is expected that these developments will boost energy security in Nigeria, as the country has committed to achieving universal energy access by 2030.