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The International Finance Corporation (IFC) has announced plans to support investments that will add 1,500MW of power to the Nigerian national grid
IFC vice president for sub-Saharan Africa, Latin America and the Caribbean, Jean Philippe Prosper revealed the plans in Lagos, saying that the corporation has already signed a mandate to mobilise funds for a power generation company and will aim to provide similar support for others. He added that IFC also has plans to support up to three power generation companies.
Prosper said, “These projects will add 1,500MW to the national grid and are part of the World Bank Group’s intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project.” He further explained that under 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.
Prosper noted, “The federal government has demonstrated strong commitment to successful implementation of the power sector reform so that all the pieces of a sustainable power sector come together.
“The World Bank Group has put together an Energy Business Plan that will allow IFC, the World Bank and Multilateral Investment Guarantee Agency (MIGA) to help address key project structuring issues and boost power supply in Nigeria.”