The federal government have approached the World Bank for a $5.2 billion loan to boost its power generation efforts and put the economy on the path to growth, according to a report.
Following the development, the International Finance Corporation is expected to invest nearly $1.3 billion in power projects and electricity distribution companies.
Explaining the rational for the money, Babatunde Fashola, Minister of Power, Works and Housing noted that the World Bank’s risk insurer, the Multilateral Investment Guarantee Agency, could provide equity and debt of $1.4 billion for gas and solar power programs.
“Disbursements with the World Bank are being worked out to start from around June, July this year,” Fashola said.
Nigeria, he said, is asking the lender to bring forward the timetables, because the government want to see results by 2018.
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