(Ecofin Agency) - Power Africa plans to invest about $1billion in the Nigerian power sector, Andrew Herscowitz, the Programme Coordinator, revealed on Tuesday.

According to Herscowitz, the U.S has already committed billions of dollars in the funding of energy projects in Nigeria and the country needs to see capital flow in the entire energy value chain.

“Since Power Africa was launched, U.S’ Trade Development Agency has committed approximately $6.5 million in funding for 10 activities supporting Nigeria’s energy sector, which could leverage up to $2.7 billion in investment. It has advanced $50 million in financing from the Oversea Private Investment Corporation (OPIC) to Lumos, a Nigeria-based solar energy company, to increase it’s off grid solar power service to about 200,000 Nigerian homes and businesses,” he explained, adding that the programme also supported power companies by providing technical assistance.

The Coordinator stated that the programme has committed another $1.5 million to improve the distribution of electricity in Nigeria.

Anita Fatunji