The World Bank has approved an
International Development Association
(IDA) Credit and an IDA Scale Up Facility
Credit in the sum of $486 million
equivalent for rehabilitation and
upgrading of electricity transmission
substations and lines in Nigeria.
The investments under the Nigeria
Electricity Transmission Project, is aimed
at increasing the power transfer capacity
of the transmission network and enable
distribution companies supply consumers with additional power.
The World Bank Country Director for
Nigeria, Rachid Benmessaoud, said in a
statement on Thursday by the Senior
Communications Officer, Nigeria, Olufunke Olufon, that together with other
investments and policy measures, the
project would contribute to ensuring
adequate and reliable electricity supply
that is necessary for Nigeria’s continued
economic development.
Benmessaoud said that it would also
support private sector participation,
capacity development and better
governance in Transmission Company of
Nigeria and sector institutions.
“The Nigeria Electricity Transmission
Project will help address key bottlenecks in the transmission network and improve
access to affordable and reliable electricity service to citizens,” he added.
The bank, quoted the Minister for Power,
Works and Housing, Babatunde Fashola, as saying, “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. 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.”
This project is part of the Power Sector
Recovery Program (PSRP) by the Federal
Government, which is a comprehensive
package of policy, legal, regulatory,
operational and financial interventions
that will restore the financial viability of
power sector.
The measures that will be implemented
through 2021 are aimed at improving
transparency and service delivery and re-
establishing investor confidence in the
sector.
International Development Association
(IDA) Credit and an IDA Scale Up Facility
Credit in the sum of $486 million
equivalent for rehabilitation and
upgrading of electricity transmission
substations and lines in Nigeria.
The investments under the Nigeria
Electricity Transmission Project, is aimed
at increasing the power transfer capacity
of the transmission network and enable
distribution companies supply consumers with additional power.
The World Bank Country Director for
Nigeria, Rachid Benmessaoud, said in a
statement on Thursday by the Senior
Communications Officer, Nigeria, Olufunke Olufon, that together with other
investments and policy measures, the
project would contribute to ensuring
adequate and reliable electricity supply
that is necessary for Nigeria’s continued
economic development.
Benmessaoud said that it would also
support private sector participation,
capacity development and better
governance in Transmission Company of
Nigeria and sector institutions.
“The Nigeria Electricity Transmission
Project will help address key bottlenecks in the transmission network and improve
access to affordable and reliable electricity service to citizens,” he added.
The bank, quoted the Minister for Power,
Works and Housing, Babatunde Fashola, as saying, “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. 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.”
This project is part of the Power Sector
Recovery Program (PSRP) by the Federal
Government, which is a comprehensive
package of policy, legal, regulatory,
operational and financial interventions
that will restore the financial viability of
power sector.
The measures that will be implemented
through 2021 are aimed at improving
transparency and service delivery and re-
establishing investor confidence in the
sector.
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