Temitope
Temitope Akinola
Nigeria on Friday signed a financing agreement with the World Bank to boost the country's power supply by almost 10 percent, Bloomberg reports.
According to a statement by the government owned Nigerian Bulk Electricity Trading Plc which buys power from generation companies and sells to distributors, the world bank guaranteed $237 million of debt being used to build the Azura electricity plant in Benin city. The privately owned facility will provide 450 megawatts of electricity when it starts in 2018.
President Muhammadu Buhari has said that boosting Nigeria's irregular power supply will be one of his economic priorities. Nigeria currently generates 4,720 megawatts of electricity, this is about eight times less than what is curretly generated in South Africa which only has one third of Nigeria's population.
Friday's agreement according to NBET represents a major milestone in the evolution of the Nigerian electricity market and provides an exemplary illustration of the commitment shown by the Buhari administration to accelerating the investment in the country's power sector.
The Azura power project has attracted up to $900 million lending from different investors and banks, including JP Morgan Chase & Co., Standard Charterd Plc and Standard Bank Group Ltd.
Bloomberg
According to a statement by the government owned Nigerian Bulk Electricity Trading Plc which buys power from generation companies and sells to distributors, the world bank guaranteed $237 million of debt being used to build the Azura electricity plant in Benin city. The privately owned facility will provide 450 megawatts of electricity when it starts in 2018.
President Muhammadu Buhari has said that boosting Nigeria's irregular power supply will be one of his economic priorities. Nigeria currently generates 4,720 megawatts of electricity, this is about eight times less than what is curretly generated in South Africa which only has one third of Nigeria's population.
Friday's agreement according to NBET represents a major milestone in the evolution of the Nigerian electricity market and provides an exemplary illustration of the commitment shown by the Buhari administration to accelerating the investment in the country's power sector.
The Azura power project has attracted up to $900 million lending from different investors and banks, including JP Morgan Chase & Co., Standard Charterd Plc and Standard Bank Group Ltd.
Bloomberg
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