World Bank Commits $ 400 mm to Nigerian power project

Jul 12, 2010 02:00 AM

The World Bank is to commit a total of $ 400 mm (N 60 b) into the nation's electricity and gas improvement project. The project is geared towards facilitating the modalities that would ensure sustainable gas supply to power plants in order to boost the unrealiable power supply in the country.
Minister of State for Power, Arc. Nuhu Somo Wya, said the project is part of the development strategy for the nation's power sector. He stated that the grant, which is for a programme referred to as Partial Risk Guarantee (PRG), is a cardinal component of NEGIP credit granted to Nigeria by the World Bank, to improve the power sector.

According to him: "It is pertinent to note that the recent review in gas pricing regime and the advent of the PRG which led to the execution of some gas supply aggregation agreement and gas transportation agreement has made a tremendous impact in steady availability of gas supply to some of the thermal power stations."
"This underpins the significance of this workshop and the need for us to go away with useful lessons aimed at resolving all impediments to sustainable gas supply and the overall power supply improvement."

Insisting on upgrading of the nation's electricity infrastructure for the actualisation of the vision 2020, Wya maintained that this can only be achieved through optimisation of existing infrastructure and an aggressive private investment in the sector.

Source / Leadership
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