Nigeria gets World Bank guarantee for power plant to boost country's supply by almost 10%

Nigeria moved closer to finishing a power plant expected to boost the country’s supply by almost 10 percent when it signed a financing agreement with the World Bank on Friday.

The Washington-based lender partially guaranteed $237 million of debt being used to build the Azura electricity plant in Benin City in the south, Nigerian Bulk Electricity Trading Plc, a government-owned entity that buys power from generation companies and sells it to distributors, said in a statement. The privately owned facility will provide 450 megawatts of electricity when it starts in 2018, NBET said.

Read more: Nigeria Gets World Bank Guarantee for 450 Megawatt Power Plant – Bloomberg Business