The African Development Bank has approved a $500 million loan to the Federal Government of Nigeria to finance the second phase of the Economic Governance and Energy Transition Support Programme for the 2024–2025 fiscal years.
According to a statement from the bank’s Communications Department, the facility will support reforms in fiscal policy, energy sector governance, and climate action. The programme aims to strengthen public financial management, improve power generation and distribution, and advance Nigeria’s energy transition and climate-resilience efforts.
AfDB’s Nigeria Director-General, Abdul Kamara, said the initiative is designed to stimulate inclusive growth by accelerating structural reforms and boosting non-oil revenue. It will also help update Nigeria’s Nationally Determined Contribution for 2026–2030.
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