German bank offers Nigeria N33bn facility for renewable energy

German Development Bank, KFW

German Development Bank, KFW

06 December 2014, Abuja — THE German Development Bank, KFW, has pledged to support Nigeria’s bid for renewable energy with a grant of about $200 million (N33.6 billion). This was disclosed yesterday by the Leader of the German delegation, Renate Von Bodden, at the end of a bi-national commission meeting on energy, held in Abuja.

Bodden revealed that the facility from the German bank is in form of green credit line for Nigeria.

A statement signed by the Deputy Director (Press) of the Federal Ministry of Power, Timothy Oyedej, disclosed that the facility was meant as support base for small and medium enterprises, specifically for the development of renewable energy and energy efficiency projects.

The envoy also disclosed that another facility worth €5 million (Euros) has been set aside for technical assistance through the KFW, adding that the German agency is endowed with required experience that will be useful to Nigerians in developing their capacities in renewable energy projects.

She expressed satisfaction with the commitment so far exhibited by Nigerian officials, just as she said that the Germans have been working with the Nigerians on a number of energy related projects.

“Nigeria is on track with its vision of providing more of its nationals with electricity”, she added.

Bodden pledged that Germany will continue to support the various energy related initiatives, stressing that as far as her country is concerned, it is only issues pertaining to polio eradication programme that are sharing equal attention with the energy sector.

Earlier, the Minister of Power, Professor Chinedu Nebo, represented by the Permanent Secretary (Power), Godknows Igali said, “the co-operation between Nigeria and Germany is a good example of how we can mutually work together for the benefit of our people”.

He commended the Germans for the various projects undertaken in Nigeria, as well as their support for the Azura project, which has reached advanced stage for fund draw down.

Also, he stated that after the last bi-national meeting in Berlin, the Germans have approved the one megawatt renewable electricity project for the University of Ibadan.

This he said will also create opportunities for research, as he observed that Nigerians are tired of the nuisance created by diesel run generators.

The success of this project, he said, will be a template upon which, same will be replicated in universities across the six geo-political zones.

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