Afreximbank funding revitalizes power supply in Nigeria

Improved electricity supply in Nigeria is driving economic growth and reducing operational costs for small and large-scale businesses. In Aba, a $50 million funding injection from the African Export-Import Bank (Afreximbank) into the Aba Integrated Power Project, promoted by Geometric Power Limited, has revitalized the industrial sector. This investment helped rescue a $900 million project that had faced nearly 20 years of delays.

Local manufacturers report significant increases in production capacity, with some seeing output grow by up to 75 per cent. Businesses in the Osisioma Industrial Layout and Ariaria axis have noted a shift away from expensive diesel generators toward more reliable grid power.

Oba Abdulrosheed Adewale Akanbi, the Oluwo of Iwoland, noted that consistent power could serve as a lifeline for petty traders, welders, and vendors by lowering energy expenditures. He suggested that sustained improvements in the power sector could encourage both local and foreign investment, ultimately strengthening Nigeria’s economic base.