IFC to Invest $1 Billion in Nigeria’s Power Sector

The International Finance Corporation, a member of the World Bank Group that finances and provides advice for private sector ventures and projects in developing countries has said it would invest $1 billion in Nigeria’s power sector. The funds will be useful in accelerating the post-privatisation process of the power sector. IFC said it will share it among three distribution and generation companies that won the privatisation bid, and will target adding 1,500MW to the national grid.