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.

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.

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.

She added that the IFC, as part of its future investment plan, has a high probability investment pipeline in Nigeria of approximately US$800 million, with priority given to power, infrastructure, agriculture, housing, Micro Small and Medium Enterprises, MSMEs.

She stated that its investment would also be focused on equity investments with emphasis on corporate governance, climate change and energy efficiency.

She disclosed that the IFC will participate in the activities of oil majors and other Independent Power Projects, IPPs, and also in the privatization of the 11 power distribution companies and six power generating companies.

She noted the World Bank Group is focusing on three key areas of growth in Nigeria, namely: improve infrastructure, especially in the area of power; promotion of sustainable agribusiness and support for SME growth and development.

She said, “we will support public private participation dialogue on private sector participation in power, finance and mobilize gas-to-power and other downstream gas projects.

“In the near term, we will be working with IFC clients and other industrials to outsource their large captive power supply need; we will also participate in gas production/transportation projects and help standardize key agreements in pioneer projects.”

http://www.infonubia.com/2013/05/nigerias-energy-sector-gets-1-billion.html

Good development, Seems the world now believes in Nig and her power sector reforms. There is light @ the end of this tunnel. #HopeAlive