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World Bank to raise US$100 million for clean energy projects in Nigeria

The World Bank loan will target solar energy developments in a few states in the country. (Image source: Mike Baker/Flickr)

The World Bank will partner with Nigeria’s Federal Ministry of Environment to raise US$100mn clean technology fund for the development of alternative energy sources in the country

In an interview to a local news agency, the global financial regulator’s lead energy specialist, Erik Fernstrom said that the low interest concessional loan would be targeted at solar energy developments in some states in the country.

Fernstrom advised the Federal Government to invest in renewable energy in order to diversify its energy sources and added that it was a problem for Nigeria to depend on one source of energy.

“Nigeria depends solely on gas petroleum and we do not want the country to rely on only one source of energy, if that source has problem, the country will suffer. The issue is about diversification, diversify in energy resources that are affordable so that people can pay their bills.

“Solar and hydro are important for Nigeria. Those sources need to be developed equally with gas," he said.

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