World Bank Gives Nigeria N107.4 bn Loan For Rural Electrification

The World Bank on Tuesday announced the provision of a $350 million loan (N107.4 billion at the official exchange rate of N307 to a dollar) for the development of rural electrification projects in Nigeria. It also announced Nigeria’s Rural Electrification Agency as the implementing organisation of the Federal Government that would be in charge of the loan.

The bank stated that 80 million people in Nigeria were without access to electricity, while about 600 million people in sub-Saharan Africa did not have power supply in their various communities. The global financial institution disclosed this at a press conference that was held during the ongoing ‘Action Learning Event on Upscaling Mini Grids for Low-cost and Timely Access to Electricity’ in Abuja.

The Country Director for Nigeria, World Bank, Rachid Benmessaoud, said the $350 million loan was given to the government, but noted that a lot of the fund would go to the private sector.

Photo Caption: World Bank President Jim Yong Kim