Bola Tinubu, the president of Nigeria, has promised improved electricity supplies to the US and other international partners, citing the nation’s plentiful gas resources as leverage.
Under the direction of Yusuf Maitama Tuggar, the Minister of Foreign Affairs, Tinubu provided the guarantee during the U.S.-Africa Business Summit, which took place in Dallas, Texas, from May 6–9, 2024.
The Corporate Council on Africa (CCA) is hosting the summit.
The meeting is being attended by around 1,500 executives from the public and commercial sectors in the United States and Africa, including presidents and government leaders.
The summit’s goal is to build sustainable business partnerships between the US and Africa.
Statement from Nigeria
Tuggar believes that because of its abundant gas resources, Nigeria is headed toward improved electricity supplies.
He said through his X page,
“Our commitment to addressing power challenges is demonstrated by President Bola Ahmed Tinubu’s signing of the 2023 Electricity Act and initiatives like the South-North AKK Project.”
“To improve the country’s power supply, we’re investing in renewable energy and utilizing Nigeria’s abundant gas resources.”
Additionally, the Minister clarified that achieving food security is still President Tinubu’s top goal.
He pointed out that food security would be achieved with thorough plans for year-round farming, the supply of planting supplies, and the creation of agro-processing zones.
He emphasized the significance of strategic alliances for the advancement of agriculture.
“We are implementing reforms to attract foreign investments and revitalize Nigeria’s agricultural sector, addressing challenges like land acquisition and power supply,” Tuggar continued.
According to the minister, Nigeria’s involvement highlights the nation’s dedication to fostering closer economic relations and looking into fresh opportunities for development and cooperation.
The US will support Africa’s infrastructure development
The United States International Development Finance Corporation (DFC) tweeted during the ongoing conference that the nation is dedicated to assisting with the development of infrastructure in Africa.
According to the statement, “the U.S. is partnering with people across Africa to fuel infrastructure investments that boost economic growth and create jobs.”
This was demonstrated by the announcement of up to $412 million in financing and political risk insurance by DFC Deputy Chief Executive Officer (DCEO) Nisha Biswal and Chief Minister of Sierra Leone David Moinina Sengeh in support of the country’s future plans to address blackouts and expand its power system through renewable energy solutions.
“To help develop and upgrade the power plant’s infrastructure and promote dependable access to power throughout Sierra Leone, DFC approved a new loan of up to $292 million to the Western Area Power Generation Project, based in Freetown.”
“To encourage private investment, DFC will additionally offer political risk insurance up to $120 million.”
The DFC said, “A $40 million loan from ECOWAS Bank for Investment and Development (EBID) bolsters the financing package.”
Further information:
Following the sixth U.S.-Nigeria Binational Commission in Abuja on April 29–30, 2024, is the summit.
The U.S. delegation praised Nigerian suggestions for incorporating American contributions to achieving Tuggar’s 4D policy—Demography, Development, Democracy, and Diaspora.
In Nigeria, the United States International Development Finance Corporation has about $700 million in direct loans, loan guarantees, and other funding support, according to the U.S. Embassy.
Both parties committed to strengthening their commercial and investment links in a joint statement.
