Nigeria Receives a $ 486 Million Loan From World Bank to Improve Power Transmission.
The World Bank on Friday approved a $ 486 million IDA loan to rehabilitate and modernize Nigeria’s power plants and stations.
Olufonk Olufon, chief communications officer at the World Bank, Nigeria, said in a statement on Friday.
It said the investments would increase the capacity of the transportation network.
“The Nigeria Electricity Transfer Project (NETP) will help address the main bottlenecks in the transport network,” said Mr Rachid Benmessaoud, , Country Director of the World Bank in Nigeria.
“It will also improve access to affordable and reliable electricity services for citizens, and credit to distribution companies will provide consumers with additional power.
“This project, together with other investments and policy measures, will contribute to securing adequate and reliable electrical supplies that are essential to Nigeria’s continuing economic development,” he said.
The Minister of Energy, Works and Housing, Mr. Babtund Vashula, stressed the government’s commitment to improving the country’s energy supply.
“The federal government is committed to addressing challenges in the public-owned transport network.
“This financing by the World Bank under the energy sector of Nigeria’s electricity transmission project underscores this commitment.
“The federal government expects private sector funding in the private sector of the value chain to complement the government’s efforts to provide better services to citizens,” he said.