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World Bank Group Offers 1.2 Bln for Power Generation Construction of Nigeria

World Bank Group Offers 1.2 Bln for Power Generation Construction of Nigeria

On May 7, the World Bank Group announced that the executive directors of its three branches (The World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency) have approved to provide loans and guarantees with a total value of 1.2 billion dollars to Nigeria, the largest economy of Africa. These loans and guarantees will support the construction of energy projects, promote independent power generation capacity and ease energy shortage. The approved financing plan included 45,9000 kilowatts Azura Edo power plant near Benin City of Edo State and 53,3000 kilowatts Qua Iboe power plant of Akwa Ibom, with the maximum risk guarantee of 245 million and 150 million dollars respectively. The World Bank Group said that these projects are of crucial importance to the energy commercial plan of Nigeria.

Nigeria has abundant energy resources, the natural gas reserve of which ranks first in the world. However, electricity is still unavailable for 65% of the country’s population. The World Bank believed that the further development of Nigeria’s natural gas resources will expand the country’s electricity supply, and export energy toward neighboring countries participating in the West Africa Power Pool Project.