Koko Maxwella 
ABUJA, Nigeria – The African Development Bank Group has approved a $500 million loan to support Nigeria’s ongoing electricity-sector reforms and accelerate its national energy transition under the Economic Governance and Energy Transition Support Programme (EGET-SP).
In a statement issued on Thursday, the bank confirms that the facility will fund the programme’s second phase, targeting structural reforms spanning the 2024 and 2025 fiscal years. Officials say the intervention strengthens Nigeria’s transition to cleaner energy while modernising the nation’s fragile power infrastructure.
The programme, launched as part of Nigeria’s Energy Transition Plan of August 2022, aims to achieve universal energy access by 2030 and a carbon-neutral economy by 2060. Government authorities say the initiative focuses on cutting energy poverty, combating climate change and advancing the Sustainable Development Goal on affordable and clean energy.
AfDB explains that the newly approved loan is structured as a policy-based operation, complementing the first $500 million tranche released on 1 August. “The second phase of the programme is designed to stimulate inclusive growth by accelerating structural reforms in the power sector and strengthening fiscal policies to boost non-oil revenue,” the bank says.
The lender outlines three core reform areas, beginning with improvements in public financial management, including stronger budget systems, increased transparency and more efficient public expenditure. Another pillar targets governance reforms across the power sector to improve market operations, expand access and support Nigeria’s clean-energy ambitions.
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Oluwafunbi Bello 
Oluwatobi Adu 
Hussaini Ibrahim