World Bank To Invest $1Billion In Nigeria’s Power Sector

The World Bank has decided to invest in
Nigeria’s power sector with the sum of $1
billion.
This grant is expected to accelerate the
post privatisation process of the power
sector.
The international finance corporation, a
member of the World Bank says it will make
long term loan financing available to the
sector because of the potentials it presents.
This amount is to be shared among three
distribution and generation companies that
won the privatisation bid.
IFC is set to provide financing to mobilize
funds for one power generation company
and also planning to invest in another
power generation company, with further
plans to support up to three power
distribution companies. These projects will
add 1, 500 MW to Nigeria’s grid and are
part of the World Bank Group’s intervention
in the sector, which is built into the
Group’s Energy Business Plan.
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