According to the Federal Government, the World Bank and the International Monetary Fund are set to approve an up to US$3bn loan to expand power transmission and distribution networks in Nigeria. Once approved, the financing would be provided in four tranches of US$750m, starting in April 2020. The objective is to fill the gap between current tariffs and the cost of producing power. The loan could be extended by US$1bn at a later stage to finance the distribution segment. The program would also include technical assistance to the Nigeria Electricity Regulatory Commission (NERC) and the Federal Ministry of Finance.
In addition, the Federal Government has announced that, with the aid of international backers, it has set aside more than US$1.6bn to improve Nigeria’s transmission network. The project intends to increase Transmission Company of Nigeria (TCN)’s transport capacity to 22 GW by 2022.
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