World Bank, IFC Target 32 Million Nigerians for Power Access

The World Bank and the International Finance Corporation (IFC) are targeting 32 million Nigerians for electricity access as part of a strategic partnership framework. Olivi Buyoya, the IFC Division Director for Nigeria and Central Africa, explained that this initiative is part of a six-year roadmap to lead investments in electricity, agriculture, health, and job creation.

The project aims to garner support from the federal government, state governments, and private investors to address the financing gap in Nigeria's energy sector, which requires approximately $14 billion annually. The broader mission is to achieve energy access for 300 million additional Africans by 2030, as part of a collaborative effort with the African Development Bank.

The initiative recognizes that public financing alone cannot meet the infrastructural needs and emphasizes the importance of creating conditions for private investment to contribute to Nigeria's goal of becoming a $1 trillion economy by 2030.