Nigeria to get $50M Energy Efficiency Funding Boost

NIGERIA is to receive $50 million funding for energy efficiency and renewable energy programs from the Climate Investment Funds (CIF).

The money is to bolster the African Development Bank (AfDB) supported program of financial systems for clean energy through local banks. It is also part of the country’s national Investment Plan endorsed by the CIF in 2010.

The money, being provided under the CIF’s Clean Technology Fund (CTF), is aimed to stimulate energy efficiency and alternative energy generation. The funding will be used particularly for investment in a range of energy efficiency technologies and in so doing reduce greenhouse gas emissions.

The CTF money will complement support provided through the AfDB to help Nigeria improve energy efficiency in agribusiness, transport, telecommunications, power, and education, by working with local financial institutions to invest and support the shift to clean, efficient and affordable energy.

The work to improve energy efficiency and increase the use of renewables is in line with the country’s national policy framework designed to lead the country to an ambitious set of energy goals, to ensure energy efficiency through a combination of regulations and incentives at the national scale.

Picture Lagos Islands by Photograph by Benji Robertson [CC-BY-SA-1.0], via Wikimedia Commons

Tuesday 26th February 2013

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