FG Seeks $750m World Bank Loan to Boost Power Supply
Written by Olakunle Oke on December 19, 2024
The Federal Government has announced plans to secure a $750 million loan from the World Bank to improve Nigeria’s power supply. The loan is expected to support the government’s efforts to reform the power sector and increase electricity generation.
According to reports, the loan will be used to finance various projects aimed at improving the efficiency and reliability of the power grid. This includes the upgrade of transmission infrastructure, the development of new power generation projects, and the implementation of energy-efficient measures.
The government has expressed optimism that the loan will help to address the country’s chronic power shortages and support economic growth. The World Bank has also expressed its commitment to supporting Nigeria’s power sector reform efforts.
Key Highlights of the Loan
– Loan amount: $750 million
– Purpose: To improve power supply and support power sector reform
– Expected outcomes: Increased electricity generation, improved transmission infrastructure, and enhanced energy efficiency
The loan is subject to approval by the World Bank’s Board of Directors. If approved, the loan will be disbursed over a period of several years, with the government expected to repay the loan with interest.
