The Nigerian government is seeking a loan of $5bn from the World Bank Group to invest in its electricity sector.
The Director of Operations at the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, Sarvesh Suri said the agency would deploy a full range of instruments to mobilise investments to resolve Nigeria’s energy crisis.
According to the Debt Management Office, the World Bank holds more than 50 per cent of the country’s external debt portfolio.
Nigeria’s indebtedness to the World Bank is expected to rise to about $11 billion
