Nigeria

World Bank Plans To Invest One Billion Dollars In Nigeria's Power Sector

Thursday, October 03, 2013 at 10:46 AM by Khadijah Thabit 1 min read

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.

Source: Legit.ng

Authors:

Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: khadeeejathabit@gmail.com

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