Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation, Premium Times reports.
The money is also meant to help the nation’s economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. According to Power, Works and Housing Minister, Babatunde Fashola, the bank’s political-risk insurer, the Multilateral Investment Guarantee Agency, could provide equity and debt of $1.4 billion for gas and solar power programs.
The fund is in addition to loans of $2.5 billion Nigeria is seeking from the lender to help improve the distribution of power, expand transmission-capacity and increase access to electricity in rural areas, Mr. Fashola explained. “Disbursements with the World Bank are being worked out to start from around June, July this year,” Mr. Fashola said. Nigeria is asking the lender to bring forward the timetables “because next year we want to see results,” the former Lagos State governor added.