Nigeria turns to World Bank

ABUJA, May 9, 2017 – Nigeria is working to secure funds to help expand power generation capacity, improve power distribution and increase access to electricity.

According to the National Bureau of Statistics in Monday, power generation in the country averaged close to 3.7 GW during the first quarter, with a 5.8-GW peak registered in January.


The International Finance Corporation is mulling a USD 1.3-billion investment in Nigerian distribution companies, Bloomberg wrote on Tuesday, citing Power, Works and Housing Minister Babatunde Fashola.

The Multilateral Investment Guarantee Agency may provide up to USD 1.4 billion in equity and debt to fund power generation programmes. It will come on top of USD 2.5 billion in loans the country hopes to secure for the expansion in distribution and transmission capacity.

Nigeria hopes to begin receiving World Bank disbursements from June onwards, Fashola also said.

Read our latest insights on: