Nigeria wants $5.2bn from World Bank to expand electricity generation
Nigeria is seeking $5.2bn from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3bn in power projects and electricity distribution companies. Its political-risk insurer, the Multilateral Investment Guarantee Agency, could provide equity and debt of $1.4bn for gas and solar power programmes, according to Power, Works and Housing Minister Babatunde Fashola. That’s in addition to loans of $2.5bn Nigeria is seeking from the lender to help improve the distribution of power, expand transmission-capacity and increase access to electricity in rural areas, Fashola said. "Disbursements with the World Bank are being worked out to start from around June, July this year," Fashola said in an interview from his office in the capital, Abuja on May 4. Nigeria is asking the lender to bring forward the timetables "because next year we wan...
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