Nigeria to expand grid with a $3 B loan

Nigeria: Nigeria has applied for a $3 B loan at the World Bank for the expansion of transmission and distribution networks confirmed the minister of finance, budget and national planning, Hajiya Zainab Ahmed.

According to Ahmed, the West African country is set to get the approval of the first tranche of the $3 B loan by April 2020.

Ahmed explained: “It is like we would be looking at the funding size of $3 B that will be provided in four tranches of $750 M each. Our plan is that the team will be able to go to the World Bank for the approval of the first tranche in April 2020.

Ahmed said some portion of the funds will be used for the transmission network and “if we are able to expand the facility to $4 B, the additional $1 Bis for the distribution network”.

The minister said the facility will help the government to exit the subsidy that is now inherent in the power sector.

Source: ESI Africa