The World Bank, has, on Friday approved an International Development Association (IDA) Credit for the sum of $486 million for the rehabilitation and upgrading of electricity transmission substations and lines in Nigeria.
Olufunke Olufon, Senior Communications Officer, World Bank, Nigeria, made this known in a statement released on Friday.
Olufon said that the investments would increase the power transfer capacity of the transmission network.
The World Bank Country Director for Nigeria, Mr Rachid Benmessaoud, said the Nigeria Electricity Transmission Project (NETP) would help address key bottlenecks in the transmission network.
“It will also improve access to affordable and reliable electricity service to citizens. The credit will also enable distribution companies supply consumers with additional power.
“Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary forNigeria’s continued economic development,” he said.
Nigerian Minister for Power, Works and Housing, Mr Babatunde Fashola, reiterated the government’s commitment to improving power supply in the country.
“The Federal Government is committed to addressing the challenges in the public-owned transmission network.
“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,” he said.