Project Notice |
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| PNR | 65213 |
| Project Name | NIGERIA - Economic Governance and Energy Transition Support Program (EGET-SP) Phase I |
| Project Detail | Management submits the proposal and recommendation for an ADB Loan of an amount not exceeding Five Hundred Million United States Dollars (USD 500million) to the Federal Republic of Nigeria to finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP). The EGET-SP is designed as a multi-sector budget support programmatic operation covering the fiscal years 2024and 2025. The proposed operation is the first of the two-year programmatic series and follows a program-based approach to help improve aid predictability in the short to medium term, shore up reserves and better sequence priority reforms in key sectors driving growth. Project Objectives The Project Development Objective is to Stimulate inclusive growth by accelerating structural reforms in the energy sector while advancing progressive tax policy reforms to expand the fiscal space to support the energy transition. Beneficiaries Key Outcomes of the Program include (i)Increased Non-Oil Revenues as a share of GDP by 0.9% of GDP ; (ii) Decreased Fiscal Deficit to GDP ratio by 1% of GDP ; (iii) Improved Budgetary and Financial Management performance as measured by the IIAG;(iv) Improved Governance as measured by the Bank’s Country Policy and Institutional Assessment (CPIA); |
| Funded By | African Development Bank (AfDB) |
| Sector | Energy & Power |
| Country | Nigeria , Western Africa |
| Project Value | NGN 371,302,753 |
Contact Information |
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| Company Name | Ministry of Finance |
| Web Site | https://mapafrica.afdb.org/en/projects/46002-P-NG-K00-012 |
