IFC Lists Challenges to Power sector, Pledges Financial Support

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THE International Finance Corporation, IFC, a member of the World Bank Group, has said that the challenge with the Nigeria’s power sector is not limited to financial liquidity, but also involves other sectorial issues. Speaking during the 5th Annual Powering Africa Nigeria Conference in Abuja, the IFC Country Manager in Nigeria, Essien Lore, said: “In spite of the achievements recorded so far in Nigeria’s power sector over the years, there are still some sectorial issues that need the attention of all stakeholders in the sector. “The power sector is in a state of emergency.  Taking it out of this state, requires a sense of urgency and a coalition of public and private partners with clear defined actions”.
She noted that the sectorial deficits include: inadequate gas supply, sectorial governance, transmission bottlenecks and inadequate generation.  These are the major challenges bedeviling the sector. “The World Bank group is ready to support well designed power projects in the country.  We have earmarked USD2 billion to support the development of power in the country.
Lore also noted that “as a member of World Bank group, from our perspective, the only thing that is preventing us from supporting more projects is the sector’s issues. However, we believe that the challenges in the sector will soon be defeated.” “We are on the right path and we are envisaging that the power issues we face today will be a thing of the past.  The sector issues need to be addressed.” The conference, organized by Energy net, a United Kingdom-based company, was designed to forge partnerships with investors on sustaining energy in Africa and Nigeria. It was also designed to evolve workable measures of ensuring energy access and energy efficiency in Nigeria’s power sector.

Source: Vanguard
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