Nigeria Seeks $50m W’Bank Loan for Renewable Energy, Electricity
The Nigeria’s minister of finance and coordinating minister of the economy, Wale Edun has revealed that the Federal Government is seeking multi-million dollar loan to support state governments in the installation of solar plant pilots and infrastructure upgrades
He spoke on the intent when he met with a World Bank delegate on penultimate week in Abuja. The team was led by the Country Director for Nigeria, Dr. Ndiamé Diop while the Special Adviser to the President on Energy, Ms. Olu Verheijen was in attendance.
The loan, the minister said, will be deployed into Power Sector Recovery Operation and the Distribution Sector Recovery Programme, aimed at improving power distribution and management systems to ensure economic growth and development in the nation.
Edun said the programme would also ensure the rollout of 3.5m prepaid metres to enhance power distribution and support tariff frameworks, market reforms and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
The proposed loan will also assist states solar plant pilots and infrastructure upgrades aimed at enhancing energy access, promoting economic growth and development, improving job creation as well as poverty alleviation, Edun further reaffirmed.
Nigeria has been a top recipient of fresh loans from multilateral lenders, borrowing $2.7 billion in 2023 from about $2.9bn in 2022.
