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The Climate Investment Funds (CIF) will provide Nigeria with US$50mn to support an African Development Bank (AfBD)-backed programme for renewable energy and energy-efficiency development within the country
A statement from the CTF said the money being provided as part of the CIF’s Clean Technology Fund (CTF) will be used to stimulate alternative ways to generate electricity and reduce dependence on energy sources, which contribute to greenhouse gas emissions.
The CTF money will complement the support provided by AfDB to help the country address energy efficiency in agribusiness, transport, telecommunications, and education, by targeting local financial institutions to invest and support the shifts to clean, efficient and affordable energy in the sectors.
CTF added that the work to improve energy efficiency and increase the use of renewables would be in line with Nigeria’s national policy of leading the country towards a set of energy goals, including rural energy scale-up and actions to ensure energy efficiency through a combination of regulations and incentives on a national scale.