• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
The U.S. Shale Play To Watch In 2018

The U.S. Shale Play To Watch In 2018

The original U.S. shale gas…

Is The Aramco IPO On The Brink Of Collapse?

Is The Aramco IPO On The Brink Of Collapse?

Conflicting news suggests that Saudi…

Nigeria Holds Out Hand For $5.2 Billion Energy Loan

Solar

Nigeria needs US$5.2 billion in financing from the World Bank to strengthen its power industry, the country’s Power, Works, and Housing Minister Babatunde Fashola told Bloomberg in an interview. The money would go towards boosting Nigeria’s power generation capacity, including from solar energy.

Of the total, the International Finance Corporation could provide US$1.3 billion that would be used for power generation and distribution projects, and the WB’s political risk insurance unit, the Multilateral Investment Guarantee Agency could add US$1.4 billion, to be invested in solar and natural gas power generation projects.

The other US$2.5 billion will be spent on improvements of Nigeria’s power transmission and distribution system, including an expansion of the transmission capacity and a boost of electricity penetration in rural areas. The current transmission capacity of Nigeria’s grid is just 6,200 MW, which should be raised to 10,000 MW by 2019, according to the minister.

The loans will help Nigeria get its economy back on track after the 2014 oil price rout caused the first economic contraction in more than two decades. What’s more, Nigeria’s power output currently stands at about 4,000 MW, compared with 35,000 MW in South Africa, whose population is only a third of Nigeria’s.

Related: 5 Clean Energy Innovations That Could Transform Our World

Bloomberg notes that insufficient power supply affects local businesses’ competitiveness adversely because it increases their production costs by forcing them to set up their own power-generating facilities, commonly using diesel generators.

Last year, Nigeria’s economy slipped into recession, with GDP shedding 1.5 percent for the 12 months, with contractions in each quarter. The recession was largely caused by the sharp drop in oil prices, but the situation was additionally aggravated by militant activity in the Niger Delta, which took thousands of barrels off daily production.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News