Nigeria gets $486 mln power network loan

The World Bank approved on Thursday USD 486 million in credits for Nigeria to rehabilitate and upgrade its electricity transmissions substations and lines.

The loan, which includes an International Development Association credit and scale-up facility credit, will support the Nigeria Electricity Transmission Project to raise power transfer capacity and improve distribution. 

“The federal government is committed to addressing the challenges in the public-owned transmission network and the financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment. The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens,” said Nigerian Minister for Power, Works and Housing Babatunde Fashola in a statement.

“The Nigeria Electricity Transmission Project will help address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to citizens,” said Rachid Benmessaoud, the World Bank country director for Nigeria.