Nigeria Gets $100 Million Credit Facility from India to Boost Power Sector

VP-Yemi-Osinbajo2-473x336

The vice president, Prof. Yemi Osinbajo said Nigeria had received $100 million credit facility from India for the development of power sector in Nigeria.

The vice president disclosed this in his office in Abuja on Thursday when a delegation led by the High Commissioner of India in Nigeria, Nagabhushana Reddy, paid him a courtsey visit.

Osibanjo 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.

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

According to him, “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.”

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

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