The World Bank and its subsidiary, the International Finance Corporation, IFC, yesterday announced plans to invest about $1 billion (N159 billion) in Nigeria's energy sector in the next couple of months.
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Speaking at the Nigerian Institute of Management's, NIM, Corporate Leaders Forum in Lagos, Marie Francois Marie-Nelly, World Bank Country Director, Nigeria, said the investments will be in terms of Partial Risk Guarantees for gas supply and Independent Power Plants valued at $800 million and $200 million respectively.
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According to Marie-Nelly, who was represented by Ms. Gravette Brown, Senior Investment Officer, IFC Manufacturing and Services — Africa Department, in addition to the planned investments, the World Bank currently has $400 million active in Partial Risk Guarantees for gas supply and over 10 years technical support and advice to the power sector.