Nigerian Govt Secures $3bn World Bank Loan for Power Sector


In an effort to boost the sector and improve the economy, Nigeria’s Minister of Finance, Mrs Zainab Ahmed has confirmed that the country has secured a $3bn loan from the World Bank to reform her power sector.

Mrs Ahmed who announced the approval of the loan at a news conference to wrap up the World Bank/IMF annual meetings in Washington DC explained that the loan is expected to improve power supply in the country.

She said the loan would be disbursed in four tranches of $750m each beginning from April 2020.

The loan, according to her would cover the funding gap as well as the current tariff, which investors in the sector had described, as very low compared to what is obtainable in other countries.

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