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.