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 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.
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