*Egypt is the Bank’s second largest regional shareholder and third client in terms of cumulative historical approvals, making it the…
Browsing: International Finance Corporation
The federal government in November 2017 disclosed that it was considering granting 13 operational licences for modular refineries in the Delta region. It also has, as part of its policy to revive the country’s oil sector, the Seven Big Wins, plans to incentivise the construction of modular refineries in the region.
The Director of Operations at the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, Sarvesh Suri, said a full range of instruments would be deployed to help the government mobilise investments directly from the private sector and through private sector guarantees.
The Multilateral Investment Guarantee Agency (MIGA) will provide $1.4 billion in the form of equity and debt for gas and solar power programmes. These would be in addition to the $2.5 billion loan the country is seeking from the World Bank to help improve the distribution of power, expand transmission-capacity as well as increase access to electricity in rural areas. These bring the sector international facility quest to a total of $5.2 billion.
According to Adeosun, the World Bank is bringing a specialists power finance team to see how they can proffer financial solutions to the challenges of power in Nigeria.
It added that the challenge with the Nigeria’s power sector is not limited to financial liquidity, but other sectoral issues.
Under the initiative, the Financial Institution with the DFID would deploy off-grid and embedded solar systems in commercial and industrial sectors in Nigeria.
He explained that this would also serve as a platform for direct exports of fertilizer to foreign markets. The project is expected to generate critical foreign exchange and help the country diversify from dependence on crude oil exports.
16 September 2015, Abuja – Stakeholders in Nigeria’s power sector Tuesday faulted the inability of power generation plants built under the…
16 September 2015, Abuja – The World Bank has said that constant power supply will ensure overall prosperity and development for…