Adebayo Adelabu, Minister of Power, announced that Nigeria is set to secure a $190 million renewable energy loan, supported by the Japan International Cooperation Agency (JICA), during the 9th Tokyo International Conference on African Development (TICAD 9) in Yokohama, Japan.
The Nigerian delegation, led by President Bola Tinubu, engaged in vital discussions aimed at utilising power, infrastructure, and industrial transformation to achieve sustainable development. Adelabu noted that this loan will facilitate the expansion of renewable energy solutions in underprivileged communities.
This effort complements the recently unveiled $750 million World Bank DARES programme, which aims to deliver reliable electricity to over 17 million Nigerians. The minister also interacted with Japanese companies such as Toshiba and Hitachi to explore improvements in transmission infrastructure and operational efficiency.
These dialogues follow the approval of counterpart funding by the Federal Executive Council, which will help catalyse a $238 million JICA loan aimed at enhancing the national grid with new transmission lines and substations.
Furthermore, three substations funded by JICA through a $32 million grant are scheduled for commissioning, which will bolster power supply reliability for households and businesses, especially in the Lagos Port area.