Channels TV has reported that the World Bank has decided to invest in Nigeria’s power sector with the sum of $1 billion.
According to the report, this grant is expected to accelerate the post privatisation 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 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.
This announcement was made at a meeting stakeholders in the power sector held with members of the International Finance Corporation.