Nigeria entred into a financing agreement with World Bank on Friday August 21, 2015. The contract will move Nigeria towards completing a power plant which is expected to boost her electricity supply by 10 percent.
The agreement was revealed in a statement issued by the Nigerian Bulk Electricity Trading Plc (NBET). According to the statement, World Bank has partially guaranteed $237 million loan that was deployed towards building Azura electricity plant in Benin, Edo State. Also, this partial guarantee will produce additional 450 megawatts of electricity.
While stressing further about the agreement which commences in 2018, NBET said this agreement “represent a major milestone in the evolution of the Nigerian electricity market and provides an exemplary illustration of the commitment shown by the Buhari administration to accelerating investment in the country’s power sector”.
Currently, Nigeria’s electricity generation stands at 4600 megawatts and the expected additional 450 megawatts points to the fact that President Buhari is fulfilling his promise to improve the level of electricity generation in Nigeria.