The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector.
The loan was approved on June 9th, making it the first World Bank loan approved under the new administration of President Bola Tinubu.
Information obtained from the website of the bank showed the fresh loan as additional financing for the Power Sector Recovery Performance-Based Operation, which was first approved on June 23, 2020.
For the newly approved additional financing, International Bank for Reconstruction and Development will provide $449m, and International Development Association will provide $301m.
The International Development Association and the International Bank for Reconstruction and Development, which make up the World Bank, have, over the years, advanced loans to Nigeria.
