The Federal Government has met with the World Bank over a proposed $1bn loan for the country’s ailing power sector. The Minister of Finance, Ms Zainab Ahmed, who led the Nigerian team to the meeting with the World Bank Power Sector team, said the raison d’être of the high-level meeting was to discuss the way forward on the proposed $1bn Nigeria Performance- Based Loan.
Ahmed disclosed this on Sunday during the ministerial press briefing at the 2019 International Monetary Fund and World Bank Spring Meetings in Washington DC. The Minister of Budget & National Planning, Senator Udoma Udo- Udoma and the Governor, Central Bank of Nigeria, Mr Godwin Emefiele also attended the briefing which held at the World Bank headquarters. She said, “We met with the World Bank Power Sector team and discussed the way forward on the proposed $1bn Nigeria Performance -Based Loan. We agreed to bring relevant MDAs together to ensure that we advance this operation in a timely manner.
“We will also discuss the country portfolio performance of Nigeria which currently stands at $9.8bn with the Nigerian Country team at the World Bank and how we could manage the portfolio for optimum results.” Five years after privatization, the power sector’s narrative has not changed as the protracted challenges bedeviling the sector have yet to be completely addressed. Power generation plunged to 2,390.20 megawatts as of 6.00 am on October 29, 2018, as the number of idle power plants rose from seven to 15. It dropped to 3,456MW on February 24, 2019, as 1,108MW were lost in seven days.