World Bank Guarantees Nigeria a 450 Megawatts PowerPlant

Nigeria signed a financial agreement with the World Bank on Friday towards the ongoing construction of a power plant which will boost the country’s power supply by 10%. The agreement signed has partially guaranteed that $237 million of debt will be used to build the Azura Electricity Plant in Benin city. In a statement released by the Nigerian Bulk Electricity Trading Company, a government owned entity that buys from generation companies and sells it to distributors, the facility will provide 450 megawatts of electricity when it starts in 2018. According to them, the agreement signed, “represents a major milestone in the evolution of the Nigerian electricity market and provides an exemplary illustration of the commitment shown by the Buhari administration to accelerating investment in the country’s power sector.” NBET said that investors and banks including JPMorgan Chase & Co., Standard Chartered Plc and Standard Bank Group Ltd. will also be lending more than $900 million to the Azura project.

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This article was first published on 25th August 2015

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