AfDB Set to Invest $12 Billion in Power Sector in Nigeria, Others – Adesina

Akinwumi-AdesinaAfDB

Dr Akinwumi Adesina, President, African Development Bank (AfDB), says the bank would invest 12 billion dollars in the power sector in Africa in four years with the goal of leveraging on the aviation sector, Daily Trust reports.

Adesina said the aviation sector was very important to the continent but that it could not operate in the dark. ”Without electricity, you really cannot operate any effective and efficient airline industry and so this is one of the top priorities of the bank. We are investing in the power sector 12 billion dollars in the next four years with the goal of leveraging between 45 to 50 million dollars in this sector because I firmly believe that Africa cannot develop in the dark,” he said.

“So we must fast track that and when we have electricity, everything functions, even for the aviation industry and the tourism industry is actually quite linked to the aviation industry as well,” he added. He said the bank had invested over 20 billion dollars on infrastructure in Africa in the last 10 years, specifically one billion dollars in the aviation sector.

Source: Energy Mix Report

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