World Bank- Power Sector Reform Yields $2.4bn Direct Investment Inflow

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The World Bank said yesterday that decision taken by the Federal government to implement a power sector reform has convinced foreign direct investment inflow valued over $2.4 billion.
The World Bank alone accounted for over $1 billion of the investment. More intervention is underway as the Bretton Woods institution has placed Nigeria on its priority list on account of the reform.
The Country Manager of the International Finance Corporation (IFC), Ms. Eme Essien Lore made this known in Abuja, the private-sector arm of the Bank, at the opening of the sixth edition of the Powering Africa Nigeria Conference organised by EnergyNet, an energy sector investment promoting firm.
In her words, “This marks six years of the power sector roadmap initiative. It was the boldest step by any administration in Nigeria. This conference gives us another opportunity to take stock and evaluate actions taken so far, to ensure objectives of the reform have not derailed.
She further said, “I am glad to say that from that bold decision to reform the sector, some achievements have been recorded.
“As a result of that reform, the World Bank’s exposure in the sector alone exceeds $1 billion, and we are ready to do more because Nigeria’s power sector remains on a very high priority list for the World Bank,” Lore said.

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