The World Bank (WB) has agreed to provide $486m credit to the Government of Nigeria to support its Nigeria Electricity Transmission Project (NETP).
The NETP is expected to improve the power transfer capacity of Nigeria’s transmission network and enable distribution companies to supply additional power to its consumers. It is reported to be part of the federal government’s Power Sector Recovery Programme (PSRP).
With the investment, the government intends to upgrade electricity transmission substations and lines in the region.
The World Bank Nigeria country director Rachid Benmessaoud said: “The NETP will help address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to citizens.”
WB will be financing the project through International Development Association (IDA) credit and an International Development Association (IDA) Scale-Up Facility credit.
Nigeria Minister for Power, Works and Housing Babatunde Fashola said: “The Federal Government is committed to addressing the challenges in the public-owned transmission network and the financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment.
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“The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens.”
The government anticipates that the project will ensure adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development.