Power: FG Gets $100m Credit Facility From India

Power-transmission-grid1Vice President Yemi Osinbajo yesterday welcomed the $100 million credit facility from India for development of Nigeria’s power sector.

Osinbajo spoke in his office at the State House in Abuja on Thursday when a delegation led by Indian High Commissioner in Nigeria, Nagabhushana Reddy, paid him a visit.

The vice president, who called for more active engagement between Nigeria and India, said there opportunities abound for both countries in areas of agriculture and technology.

He also noted that diplomatic and economic relationship between both countries had been extremely good.

Mr. Osinbajo said the federal government expected to achieve a 50 percent target reliance on renewable energy for the power sector by 2020.

“We are doing some expandable work in solar energy adding about 1000MW of solar. We are looking at 50% reliance on renewable energy sources by 2020. The Buhari Presidency is determined to improve access to electricity for our people”, he said.

In his remarks, Reddy said his country supported President Muhammadu Buhari’s administration’s economic plan.

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