Nigeria seeks $450 million from IDB for electricity development

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

Africa 320 Middle East 326

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Nigeria is seeking around $450 million from the Islamic Development Bank (IDB) to help raise the country’s total electricity generation capacity to 20,000MW, while already facing debts of around $6.67 billion.

Nigeria’s Vice-President Namadi Sambo raised the issue at a meeting with IDB President Ahmed Mohammed Ali in Saudi Arabia. Nigeria currently has state production of around 4000MW, with self-generation through diesel and petrol generators estimated at around 6000MW.

Nigeria’s total debts, including those owed to the IDB, are currently estimated at $6.67 billion, or 3 per cent of the country’s GDP. The Finance Ministry has repeatedly warned of the danger of Nigeria slipping back into heavy indebtedness.