FG to loan $5bn to improve electricity – OYA Magazine
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FG to loan $5bn to improve electricity

By on June 27, 2017

By Bankole Wright

The Federal Government is seeking a loan of $5 billion from the World Bank Group to boost power availability in Nigeria.

The World Bank had in April stated that a delegation from Nigeria was in Washington DC to discuss assistance for the nation’s power sector, but did not disclose the details of the talks.

However, Punch reports that the Federal Government was actually seeking a loan of $5 billion for the power sector in order to boost electricity availability in the country.

Present at the April 25, 2017 meeting in Washington DC were the Minister for Power, Works and Housing, Babatunde Fashola; Minister of Finance,

However, investigation by our correspondent showed that the Federal Government was actually seeking a loan of $5bn to be channelled into the power sector in order to boost electricity availability in the country.

Present at the April 25, 2017 meeting in Washington DC were the Minister for Power, Works and Housing, Babatunde Fashola; Minister of Finance, Kemi Adeosun; Chairman, Senate Committee on Power, Steel and Metallurgy, Senator Enyinnaya Abaribe; and Chairman, House of Representatives Committee on Power, Dan Asuquo.

At the end of the meeting, the Director of Operations at the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, Sarvesh Suri, said a full range of instruments would be deployed to help the government mobilise investments directly from the private sector and through private sector guarantees.

The bank said addressing energy needs in Nigeria required investment from the public and private sectors, adding that working with the World Bank Group could help catalyse significant private investment in an environment that best assured successful delivery of increased power supply.

About Bankole Wright

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