The World Bank has decided to invest $1 billion in Nigeria’s power
sector. This grant is expected to accelerate the post privatization
process of the power sector.
The International Finance Corporation (IFC), 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 privatization
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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