Nigeria has secured a $3 billion loan from the World Bank to reform the power sector, Minister of Finance, Mrs Zainab Ahmed, reported.
Ahmed who announced the approval of the loan at a news conference to wrap up the World Bank/IMF annual meetings in Washington DC explains that the loan is expected to improve power supply in the country.
She said the loan would be disbursed in four tranches of $750m each beginning from April 2020.
The loan, according to her would cover the funding gap as well as the current tariff which investors in the sector had described as very low compared to what is obtainable in other countries.
