Nige­ria Gets World Bank Guar­an­tee for 450 Megawatt Power Plant


ABUJA: Nige­ria moved closer to fin­ish­ing a power plant ex­pected to boost the coun­try's sup­ply by al­most 10 per­cent when it signed a fi­nanc­ing agree­ment with the World Bank.

The Washington-based len­der par­tially guar­an­teed $237 mil­lion of debt be­ing used to build the Azura elec­tric­ity plant in Benin City in the south, Nige­rian Bulk Elec­tric­ity Trad­ing Plc, a gov­ern­ment-owned en­tity that buys power from gen­er­a­tion com­pa­nies and sells it to dis­trib­u­tors, said in a state­ment. The pri­vately owned fa­cil­ity will pro­vide 450 megawatts of elec­tric­ity when it starts in 2018, NBET said. Pres­i­dent Muham­madu Buhari, who came to of­fice in May, has said that boost­ing Nige­ria's chron­i­cally un­re­li­able power sup­ply will be one of his eco­nomic pri­or­i­ties. Gen­er­a­tion in Africa's big­gest econ­omy peaks at 4,600 megawatts, the power min­istry said this month. That's about eight times less than in South Africa, which has a third of Nige­ria's pop­u­la­tion.

The agree­ment "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. In­vestors and banks in­clud­ing JPMor­gan Chase & Co., Stan­dard Char­tered Plc and Stan­dard Bank Group Ltd. are lend­ing more than $900 mil­lion to the Azura pro­ject, ac­cord­ing to NBET.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.