The World Bank, through one of its arms IFC, is working in concert with Energynet limited whose activity focuses on power and industrial sectors across Africa, to facilitate investments and deepen private sector involvement in Nigeria’s power sector.
Eme Essien Lore, IFC Country Manager for Nigeria, said, “Nigeria’s government has demonstrated a strong will to move the power sector forward, and IFC remains committed to supporting its ongoing power sector reforms.
IFC is partnering with Energynet to help facilitate collaboration among major stakeholders and map out strategies to move the sector forward. As the power sector develops, more jobs will be created and Nigeria’s economy will grow.”
IFC has continued to support development in the power sector through the Energy Business Plan, whereby each World Bank Group institution (IFC, The World Bank, and MIGA) will leverage their competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector.
Under the Energy Business Plan, IFC will provide project structuring and investments along with tailor-made packages of risk mitigation instruments that include World Bank Partial Risk Guarantees and MIGA political risk insurance.
These interventions will develop power generation, distribution and gas supply.
IFC and EnergyNet have a longstanding partnership, and share the goal of promoting access to electricity in Africa.
Commenting, Simon Gosling, Managing Director of EnergyNet, said, “Nigeria’s power sector reforms have continued to gain momentum and to accelerate the pace of development in the industry. Long term capital and international expertise are critical.
Together with IFC and other partners, we are bringing stakeholders to generate investments and build the sector.”