Friday August 21, 2015 witnessed the signing of an electricity financing agreement between Nigeria and the World Bank. The contract will move Nigeria towards completing a power plant which is expected to boost her electricity supply by 10 percent.
According to the statement issued by the Nigerian Bulk Electricity Trading Plc (NBET) , the World Bank has also partially guaranteed $237 million loan that would be utilized in building Azura electricity plant in Benin, Edo State. This would produce an additional 450 megawatts of electricity.
''This agreement represent a major milestone in the evolution of the Nigerian electricity market and provides an exemplary illustration of the commitment shown by the Buhari administration to accelerating investment in the country’s power sector''- NBET
Presently, Nigeria’s electricity generation stands at 4600 megawatts .
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