World Bank expands guarantees in Nigeria’s energy sector

On 1 May, the World Bank board was due to consider two sets of partial risk guarantees (PRGs) for Nigerian power projects, one from the Multilateral Investment Guarantee Agency (Miga) and the other from the World Bank directly. Miga is proposing guarantees worth $658m for the 459MW Azura Power West Africa independent power producer (IPP) project, an open cycle gas turbine plant that Miga told African Energy was expected to close before 30 June. The package forms part of a wider programme by Miga promising more than $1bn worth of guarantees to infrastructure projects in Nigeria.