IFC, a member of the World Bank Group, announced a plan to support investments that will add 1,500 MW of power generation capacity to the Nigerian national grid and provide electricity for up to 8 million households over the next 18 months. IFC also plans to support up to three power distributions companies and is also considering participation in a gas-to-power project.
The Federal Government of Nigeria estimates that a US$10bn in annual investment is required for infrastructure development in Nigeria to achieve its target of 40,000 MW generation capacity by 2020. Increased power capacity is an important priority for the World Bank Group because it has been identified as a major constraint to economic development. Strong demand for increased power is already demonstrated by urban consumers who pay the equivalent of more than US$35c/kWh on self generated power, well above the average cost of power generated by commercial power projects
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