IFC to support Nigerian power generation

• 10 years ago (2013-08-24)
• David Flin

Africa 303

---

The International Finance Corporation (IFC), a member of the World Bank, has announced a plan to support investments that will add 1500MW of power generation capacity to the Nigerian national grid over the next 18 months.

IFC has already signed a mandate to provide financing to mobilise funds for one power generation company, and aims to provide similar support for two more. IFC also plans to support up to three power distribution companies. These projects will add 1500MW to Nigeria’s grid and are part of the World Bank’s intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project.

Under the terms of the Energy Business Plan, each World Bank Group institution will leverage its competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector. IFC will provide project structuring and investment along with tailor-made packages of risk mitigation instruments that include World Bank Partial Risk Guarantees and MIGA political risk insurance.