The World Bank is seeking approval in Nigeria for projects worth $1.5bn in the country, as the bank plans to rehabilitate four dams in the country to help boost agricultural production through irrigation.
The Country Director for Nigeria, World Bank, Ms. Marie-Francoise Marie-Nelly has disclosed that the bank will also help Nigeria to generate additional 2,000 megawatts of electricity in the next two years through support to independent power producers.
She said, “Everybody understands that power is critical to the economy. We are not only providing money for investment, we are also helping the government to mobilise private sector financing.
“We have commitment to support the production of 2,000 megawatts in the next two years with private sector financing through independent power producers. This is the second area of our engagement.
“We hope that in the next four years, we would have contributed to better energy; we would have helped to stabilise energy because you cannot transform overnight. You need to transform the institutions; we need to improve generation; we need to improve the transmission; we need to improve the distribution.