In a significant development at the “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea, the Nigerian delegation, led by the Federal Minister of Power Adebayo Adelabu, engaged in a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet, presided over by AfDB President, Dr. Akinwumi Adeshina.
Dr. Akinwumi Adeshina, President of AfDB, highlighted the impactful multi-sectoral interventions made by the AfDB in Nigeria, particularly in the Power and Agriculture sectors.
He expressed enthusiasm for the new Minister’s commitment and passion to effecting positive changes in the Power sector.
The Minister, Adebayo Adelabu expressed gratitude for AfDB’s longstanding support to Nigeria and acknowledged the Bank’s transformation under Dr. Adeshina’s leadership as a true Development Partner for African nations. He requested expanded support for Nigeria’s Power and Agricultural sectors, including Rice and Wheat production programs. The Minister also sought technical advisory sponsorship from AfDB, leveraging its extensive experience in Power Sector Intervention across Africa.
Following the Bilateral meeting, the Nigerian delegation secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure. This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritization. AfDB also confirmed readiness to disburse a previously approved $250million fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20billion 10,000MW Northern Africa Desert to Power fund.
Moreover, AfDB committed to supporting local Rice and Wheat production through its Feed Africa Project and approved 31 locations for Agro-Industrial zones across Nigeria, boosting agricultural productivity and accelerating food sufficiency goals.
The conference, jointly organized by KOAFEC (Korea-Africa Economic Cooperation) and AfDB and hosted by the Korean Ministry of Finance and Economic Development in Busan, South Korea saw a Nigerian delegation led by the Minister of Power Adebayo Adelabu, Nigerian Ambassador to the Republic of Korea, Ambassador Ali Magashi, an Assistant Director from the Ministry of Finance, Mrs Onyoh Oluwarotimi Ajibola and the Chairman of Portharcourt Electricity Distribution Company, Dr. Matthew Edevbie, representing Industry Operators.