AfDB sets aside $200m to guarantee Nigeria’s coal-to-power production

Nigeria’s attempts to diversify her sources of electricity generation with the addition of coal-to-power has received a huge boost from the African Development Bank (AfDB), which has announced its commitment of a $200 million Partial Risk Guarantee (PRG) to support coal-to-power investment in the country.

AfDB’s decision to institute a $200 million PRG for coal-to-power production comes directly against that of the World Bank which has overtime allegedly refused to lend financial support to investments in coal-to-power on the ground that it is a dirty source of energy and unhealthy to the environment.

But disclosing its delight with the development, the Nigerian Bulk Electricity Trading (NBET) Plc, otherwise known as the ‘bulk trader’ described AfDB’s move as an African solution to an African challenge.

[ThisDay]

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