- Nigeria has gotten a $100 million credit facility from India for its power sector
- The sector has been a major hindrance in the country's quest for economic prosperity
- Vice President Yemi Osinbajo has expressed his delight in the facilitation of the loan
Nigeria has obtained a $100 million credit facility from India to solve the niggling problems in the power sector, Daily Trust reports.
Vice President Yemi Osinbajo yesterday, August 18 welcomed the loan from India for Nigeria’s power sector.
Speaking at the State House Abuja while receiving a delegation led by the Indian High Commissioner in Nigeria Nagabhushana Reddy, Osinbajo called for more active engagement between both countries.
Osinbajo noted that there were opportunities in agriculture and technology for Nigeria and India, adding that diplomatic and economic relationship between both countries had been extremely good.
According to him, the federal government is expected to achieve a 50 percent target reliance on renewable energy for the power sector by 2020.
His words: “We are doing some expandable work in solar energy adding about 1000MW of solar. We are looking at 50% reliance on renewable energy sources by 2020. The Buhari Presidency is determined to improve access to electricity for our people.”
Responding, the Indian high commissioner promised that his country will continue to support President Muhammadu Buhari’s administration’s economic plan.
Minister of power, Babatunde Fashola recently revealed that his ministry is currently working to complete the 215MW Kaduna power plant, the transmission line for the Gurara 40MW plant the Kashimbilla Plant and some of the other power projects.
He also added that his ministry is remobilizing contractors back to the transmission sites.
According to him, it is necessary to revitalize the transmission lines, most of which had stopped for over two years as a result of non-payment of contractors.