The Nigerian Bulk Electricity Trading, NBET, Plc and the Transmission Company of Nigeria, TCN, will receive a loan facility from the African Development Bank (AfDB) worth $473 million, which will be divided into $273 million for NBET and $200 million for TCN, sweetcrude reports.
Babatunde Fashola, the Minister of Power, Works, and Housing, stated this in Abuja when he met with a delegation from the International Monetary Fund, IMF.
Fashola said all necessary arrangements for securing the funds have already been concluded.
Timothy Oyedeji, director of press in the ministry, in a statement quoted the minister as saying that the support in loan agreement in the sum of $273 million has been earmarked to provide partial risk guarantee for the off-taker (NBET), while the sum of $200 million will be channeled to TCN for its grid upgrade plans.
He said government intends to tackle challenges in the power industry through all inclusive approach as contained in the recently unveiled “Road Map to Power,” which contains timelines and planned series of complimentary activities and deliverables.
According to him, “We are expecting that at the end of the year, our generation capacity will be over 6,000mw by the end of 2016; 10000mw in 2019 and 30,000mw in 2030.”