$300 Million Dollars World Bank Loan For Nigeria

MINISTER OF FINANCE, MANSUR MUKTAR.

Lagos (THEWILL) – The Nigerian government has announced it is getting a loan of $300 million dollars from the World Bank to improve its ailing electricity.

Minister of Information, Dora Akunyili said the loan is coming from the Bank’s International Development Association (IDA) and would be used to revamp the power sector, grow power generation and improve distribution.

The Loan is payable in 40 years, and has a .75% annual interest rate.

Nigeria has not been able to provide uninterrupted electricity for its people in decades. It has expended billions of naira to improve generation and distribution, but its corrupt officials and cartels have frustrated the effort.