The World Bank recently approved an International Development Association (IDA) Credit and an IDA Scale Up Facility Credit in the total amount of $486 million equivalent for rehabilitation and upgrading of electricity transmission substations and lines.
The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies supply consumers with additional power. Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development. It will also support private sector participation, capacity development and better governance in Transmission Company of Nigeria and sector institutions.
This project is part of the Power Sector Recovery Program (PSRP) by the Federal Government, which is a comprehensive package of policy, legal, regulatory, operational and financial interventions that will restore the financial viability of power sector. The measures that will be implemented through 2021 are aimed at improving transparency and service delivery and re-establishing investor confidence in the sector.