Can World Bank, AfDB $7.5bn funding revive Nigeria’s power sector?
Nigeria’s Minister of Power, Adebayo Adelabu, says the World Bank and the African Development Bank have concluded plans to invest $30 billion in boosting electricity in Africa. Out of this sum, Nigeria will get about $7.5 billion. Meanwhile, Transcorp has posted a pre-tax profit of 51 billion naira, representing a 214 per cent year-on-year growth in the first half of this year. Luke Ofojebe, Vice President of Zedcrest Group joins CNBC Africa to discuss developments shaping Nigeria’s power sector.
Thu, 25 Jul 2024 14:10:49 GMT
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AI Generated Summary
- Massive $7.5 billion investment from World Bank and AfDB set to boost Nigeria's power sector
- Increased power tariffs could improve sector liquidity and attract foreign direct investors
- Challenges remain in addressing currency risks, inflation, and infrastructure limitations for sustained growth
Nigeria's Minister of Power, Adebayo Adelabu, has announced a groundbreaking initiative that could potentially transform the country's power sector. The World Bank and the African Development Bank are set to invest a staggering $30 billion in boosting electricity in Africa, with Nigeria slated to receive about $7.5 billion of this sum. This significant injection of funds comes at a crucial time for Nigeria, as the country grapples with longstanding challenges in the energy and power sector, including issues of liquidity and inadequate revenue streams. Luke Ofojebe, Vice President of Zedcrest Group, recently joined CNBC Africa to discuss the latest developments shaping Nigeria's power sector and the potential impact of this massive funding initiative. Ofojebe highlighted some key points regarding the current state of the power sector and the opportunities and challenges that lie ahead.
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