International Finance Corporation, IFC has announced its plans to support investments that will add 1, 500 megawatts of power generation to the national grid.
Addressing news men in Lagos, IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean, Jean Philippe Prosper said the corporation has already signed a mandate to mobilize funds for a power generation company and aims to provide similar support for others, adding that IFC also plans to support up to three power generation companies.
"These projects will add 1,500 MW to the national grid and are part of the World Bank Group's intervention in the sector which is built into the Energy Business Plan. IFC is also considering participation in a gas-to-power project," he said.
He explained that under the Energy Business Plan, each World Bank group institution will leverage its competencies and products to provide solutions to projects that encourage their viability and contribute to the sustainability of the power sector.
Prosper further noted that, "the federal government has demonstrated strong commitment to successful implementation of the power sector reform so that all the pieces of a sustainable power sector are coming together. The World Bank Group has put together an Energy Business Plan that will allow IFC, the World Bank and MIGA to help address key project structuring issues and boost power supply to Nigerians," he said.
"IFC and the other institutions of the World Bank Group are committed to supporting Nigeria with targeted interventions in the power sector that facilitate demonstration projects and boost investor confidence and contribute to better living standards," he added.
It would be recalled that the Federal Government estimates that N1.6 trillion investment is required for infrastructure development in Nigeria to achieve its target of 40, 000 MW generation capacity by 2020.