Energy: World Bank, IFC announce $1bn support to Nigeria

World Bank hq29 May 2013, Lagos – The World Bank and the International Finance Corporation, IFC, has disclosed plans to invest an estimated $1 billion to help shore up Nigeria’s energy sector.

The investment would be coming in the next few months, Marie Francois Marie-Nelly, World Bank Country Director, Nigeria, said.

Marie-Nelly spoke at the Nigerian Institute of Management’s, NIM, Corporate Leaders Forum in Lagos, where she also said the investments would be in the form of Partial Risk Guarantees for gas supply and Independent Power Plants valued at $800 million and $200 million respectively.

Represented at the event by Ms. Gravette Brown, Senior Investment Officer, IFC Manufacturing and Services, Africa Department, Marie-Nelly said the World Bank currently has $400 million active Partial Risk Guarantees for gas supply and over 10 years technical support and advice to the power sector.

The World Bank top executive further said the IFC, as part of its future investment plan, has a high probability investment pipeline in Nigeria of approximately $800 million, with priority given to power, infrastructure, agriculture, housing, Micro Small and Medium Enterprises, MSMEs.

She stated that the IFC will participate in the activities of oil majors and other Independent Power Projects, IPPs, and also in the privatization of the 11 power distribution companies and six power generating companies.

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