Tinubu gets first loan as World Bank plans to invest $750 Million into electricity in Nigeria

The World Bank Group has approved a loan of $500 million to aid Nigeria in driving women's empowerment.

The facility is the first loan approved by the World Bank for President Bola Tinubu's government.

Punch reports that the loan financing for Nigeria and Women Programme was initially approved on June 27, 2018, with $100 million in funding.

Legit,ng had reported that the loan was to facilitate women in the country.

A statement by the bank said that the World Bank approved $500 million for the Women's Programme Scale Up to support the Nigerian government to invest in improving women's livelihoods in Nigeria.

Additionally, the Washington-based financial institution announced that it plans to commit about $750 million via the Nigeria Electrification Project (NEP) to boost electrification so Nigerians can access electricity.

World Bank to invest in electrification in Nigeria The bank's Director of Strategy and Operations for the Western Central African Region, Elizabeth Huybens, disclosed the plan during her visit to inspect the 60 Kilowatts Mini-Grid Project in Kilankwa Community in Abuja.

Nairametrics reports that the Rural Electrification Agency will implement the project via NEP.

Huybens said: "We see at work here about $350 million is coming to a close, and we are preparing a successor project of $750 million.

"We are extending our support to something that we think is critical, and Nigeria is leading the world in small grid development."

The World Bank chief added that the project would assist the country in providing access to electricity to more people faster than it could have by boosting the national grid.

According to Huybens, the World Bank considered the project because the bank believed that access to electricity by all was one of the most important goals any country should pursue.

She said the dream of having electric vehicles in Nigeria would only be realistic without full electricity access.

"We cannot move toward electric vehicles if we don't have … and since the World Bank's overarching goal is to help countries eradicate poverty, we need to help them provide access to electricity for its population," she said.