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Nigeria seeks $1bn power sector loan from World Bank

The Nigerian Government has met with the World Bank over the proposed $1 billion loan for the country’s ailing power sector.Nigeria’s Minister of Finance, Ms. Zainab Ahmed, who led the Nigerian team to the meeting with the World Bank Power Sector team, said that the reason for the high-level meeting was to discuss the way forward on the proposed $1 billion Nigeria Performance-Based Loan.

The report by a local newspaper, The Nation on Wednesday quoted the minister as saying the meeting discussed the way forward on the proposed $1 billion Loan.

“We agreed to bring relevant Ministries Departments and Agencies together to ensure that we advance this operation in a timely manner.

“We will also discuss the country portfolio performance of Nigeria, which currently stands at $9.8 billion with the Nigerian Country team at the World Bank and how we could manage the portfolio for optimum results.” The minister said.

The report said that the meeting was held during the just concluded 2019 Spring Meetings of the International Monetary Fund and World Bank in Washington DC.

Despite privatizing its power sector, Nigeria is battling to generate over 7000mw of electricity for a population of over 180 million.  

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