Nigeria Gets International Loans To Develop Energy Plan

Nigeria Gets International Loans To Develop Energy Plan

From allAfrica.com

Minister of Power, Prof. Chinedu Nebo, said the investments recorded in the telecommunication sector since the introduction of the mobile telephone services in the country would be dwarfed by investment in the power sector, once the ongoing reforms in the sector took firm footing.

He spoke to newsmen after a meeting of the Presidential Action Committee on Power, adding that so far, government had accessed loans from various international lending agencies to fund the expansion of transmission infrastructure to the tune of $1.6 billion.

He said: “We have substantial amount of funding coming in form of loans from the World Bank, African Development Bank, Euro Bond Issue and Chinese Exim Bank and NDPHC had already designated $1.6 million for the expansion of transmission facilities.

“Government is adequately prepared. Everybody is excited at what has just happened; that we had such a significant compliance of all the preferred bidders, who bought the GENCOS and the DISCOS as most of them have paid up.

Read more from allAfrica.com.