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World Bank approves $486m loan to upgrade Nigerian power supply network

Published 16 February 2018

The World Bank has agreed to provide a loan worth $486m to Nigeria to improve the country's electricity transmission substations and lines.

The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies supply consumers with additional power.

Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development. It will also support private sector participation, capacity development and better governance in Transmission Company of Nigeria and sector institutions.

Nigeria Minister for Power, Works and Housing Babatunde Fashola said “The Federal Government is committed to addressing the challenges in the public-owned transmission network and the financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment.

"The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens."

This project is part of the Power Sector Recovery Program (PSRP) by the Federal Government, which is a comprehensive package of policy, legal, regulatory, operational and financial interventions that will restore the financial viability of power sector.

The measures that will be implemented through 2021 are aimed at improving transparency and service delivery and re-establishing investor confidence in the sector.

The World Bank Country Director for Nigeria Rachid Benmessaoud said: “The Nigeria Electricity Transmission Project will help address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to citizens."

Source: Company Press Release