$2.1bn World Bank Concessionary Loan: Nigeria To Get $350m For Solar Projects

Last Updated on February 26, 2019 by mofsite

The World Bank has said that Nigeria would get $350 million from the $2.1 billion it recently approved for it, to push through its electrification program expected to provide electricity for 2.5 million people and 70,000 micro, small and medium enterprises (MSMEs). The $2.1 billion concessionary loan is expected to support the funding of seven projects in key sectors in Nigeria, and the $350 million from it, used to further solar power projects in schools, hospital and small and medium scale enterprises the Rural Electrification Agency (REA) has initiated.

The bank said in the power sector, the Nigeria electrification project would leverage private sector investments in solar mini-grids and stand-alone solar systems to provide electricity to 2.5 million people and 70,000 micro, small and medium enterprises. It also disclosed that the project would also provide publicly-funded reliable electricity to seven universities and two teaching hospitals. The REA had initiated projects called Energizing Education Program (EEP) and Energizing Economy Program (EEP), in which it planned to provide electricity to select public universities, teaching hospitals and markets using mostly clean solar power sources.

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