Nigeria and five other African countries expect to receive US$7bn fund for the power upgrade supply in the sub-Saharan Africa.
The other countries in the benefit list of the funds are Kenya, Ethiopia, Tanzania, Liberia and Ghana. The funds are pledged by the U.S president Barrack Obama, who is optimistic that the Power Africa Initiative will be a success in the continent.
According to the Assistant Secretary for the African Affairs Linda Thomas-Greenfield, tremendous progress has so far been made and they are working hand in hand with the private sector to ensure more investments on the continent. She confirmed that a summit will be held in August to meet up with CEOs in energy sector and who are interested in investing and further discuss on how to improve the power sector in Africa.
The legislation of the Africa Growth and Opportunity Act (AGOA) expires in September 2015 and the US president has announced an expected renewal. However, ahead is the African Leaders Summit to be held next month in New York, but leaders from Sudan, Eritrea and Zimbabwe will not participate, as they are either suspended by the African Union (AU) or are not in good standing with the U.S. government.
