The World Bank has just allocated Nigeria a $350 million loan for the development of its rural electrification projects. The funding will be used to electrify 2.5 million people and 70,000 small businesses in rural communities across the country.
It will be managed by the National Rural Electrification Agency (REA).
The loan through the International Development Agency (IDA) will be repaid over a period of 30 years.
The loan will facilitate private investments in the sector through the development of mini-grids, and the provision of solar home installations to communities. Part of the funds will also be used to staff seven universities with reliable electrical installations. Two university hospitals will also be among the beneficiaries, as part of the Energizing Education Program (EEP).