The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector.
The loan with project ID P174622 was approved on June 9, 2023, making it the first World Bank loan approved under the new administration of President Bola Tinubu.
It was also disclosed that out of the $750m initially approved in 2020, only 72 per cent of financing of $535.09m was disbursed, with the balance expected by June 30, 2023, for the parent project.
International Bank for Reconstruction and Development will provide $449m for the newly approved additional financing, and International Development Association will provide $301m.