The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector.
The loan with project ID P174622 was approved on June 9, 2023, making it the first World Bank loan approved under the new administration of President Bola Tinubu.
Information obtained from the website of the bank showed the fresh loan as additional financing for the Power Sector Recovery Performance-Based Operation, which was first approved on June 23, 2020.
In a document published on May 19 titled ‘Nigeria – Power Sector Recovery Performance Based Operation Project: Additional Financing (English)’, it was disclosed that the parent project will end on June 30, 2023.
It was also disclosed that out of the $750m initially approved in 2020, only 72 per cent financing of $535.09m was disbursed, with the balance expected by June 30, 2023, for the parent project.
For the newly approved additional financing, International Bank for Reconstruction and Development will provide $449m, and International Development Association will provide $301m.
The International Development Association and the International Bank for Reconstruction and Development, which make up the World Bank, have, over the years, advanced loans to Nigeria.
