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AfDB partners with groups to support green electricity startups in Africa

16Mar

By Emeka OkaforNo Comments

Reports

AfDB partners with groups to support green electricity startups in Africa

This year, the African Development Bank Group (AfDB) and various contributors have allocated over $2 billion to foster the growth of green energy startups in Nigeria and throughout Africa. The Leveraging Energy Access Finance Framework (LEAF), which the AfDB endorsed in February, stipulates that the Bank will dedicate up to $164 million to advance decentralized renewable energy in six African countries. In Ghana, Guinea, Ethiopia, Kenya, Nigeria, and Tunisia, the $800 million initiative will promote investments from both commercial and local currencies to amplify the activities of decentralized renewable energy firms. Approximately 18 decentralized renewable energy initiatives are expected to receive LEAF funding, thereby providing access to six million households and businesses, and yiel...

Petrol, electricity subsidies hurting poor Nigerians- World Bank

According to the World Bank, subsidies reduce government expenditures aimed at assisting impoverished Nigerians and predominantly aid affluent families. This data was shared in a declaration published on the bank’s website to commemorate the release of the most recent Nigeria Public Finance Review report. The bank asserted that Nigeria's resources had been allocated by ineffective and outdated subsidiaries for the acquisition of fuel, electricity, and foreign currency. It further stated that the subsidies were considerably greater than the total amount spent in 2021 on social assistance, healthcare, and education collectively. The statement mentioned, “For many years, a significant portion of Nigeria’s resources has supported inefficient and regressive subsidies for petrol, e...

World Bank reveals why FG pays electricity subsidies

One of the justifications for electricity subsidies provided by the government, as stated by the World Bank, is the failure of numerous federal, state, and local government ministries, departments, and agencies (MDAs) to settle their electricity bills. This detail was included in the Nigeria Public Finance Review report published by the World Bank. As outlined in the report, the Nigerian Federal Government has been funding electricity costs ever since the sector was privatised. The report further indicated that this subsidy is among the elements leading to the underwhelming performance of the power industry. The World Bank report also highlighted that the transition from a predominantly publicly owned to a predominantly privately owned power sector has not yielded the expected s...