The African Development Bank (AfDB) has approved a $500 million loan to support Nigeria’s economic-governance reforms and accelerate its energy-transition agenda.

The programme focuses on strengthening public-finance management, boosting non-oil revenues, and improving transparency in government spending.

It will also advance key power-sector reforms, aimed at expanding electricity access, improving supply reliability, and creating a more investment-friendly regulatory environment.

Additionally, the loan will support Nigeria’s energy-transition plan, including climate-action measures and updates to the country’s 2026–2030 Nationally Determined Contribution.

AfDB says the initiative is expected to bolster fiscal stability, reduce energy poverty and attract private-sector participation in the power sector. Visit www.jocomms.com for more news.