Electricity challenge: Nigeria secures $3bn loan from World Bank

Electricity challenge: Nigeria secures $3bn loan from World Bank

In a bid to resolve the lingering electricity problems that analysts believe have impeded the economic growth of the country, the Nigerian government has secured a loan of $3 billion from the World Bank.

The loan, according to The Cable, is for the expansion of the transmission and distribution facilities of the power sector.

The report quoted Zainab Ahmed, minister of finance, as confirming the development.

Minister Ahmed said this on Sunday, October 20, while speaking with journalists, concerning the activities of Nigeria at the annual meetings of the International Monetary Fund (IMF) and World Bank Group.

The loan is coming days after Legit.ng reported that the federal government had said it was in the process of boosting the power sector by investing a fresh N915 billion ($3.5 billion) World Bank loan.

This is despite spending N1.5 trillion in the sector in the last two years.

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Zainab Ahmed disclosed this during an interview with journalists on the sidelines of international meetings in Washington DC, United States.

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Meanwhile, the managing director of Transmission Company of Nigeria (TCN), Alhaji Usman Gur Muhammad, said that Kano state will soon get improved electricity with the inclusion of two more sources of supply.

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Source: Legit.ng News

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