An intervention by the World Bank through a large scale power initiative could see the burden of high energy costs borne by businesses in Nigeria being somewhat lightened. The global financial institution has revealed that it plans to introduce a solar energy program to cater for the power needs of industrial establishments in the country. This large scale deployment of alternative energy generating systems is to be driven by the International Finance Corporation (IFC), a member of the World Bank Group, with assistance from the United Kingdom’s Department for International Development (DFID).
The IFC’s country manager, Eme Essien Lore who spoke at a media briefing in Lagos, said that funding for the project would be provided by local banks. She also explained that the programme would involve the introduction of solar power systems to boost electricity supply to businesses across Nigeria.
According to Lore, the IFC will take cognizance of the shortcomings of similar projects in the past, while working to make power more widely available to Nigerians.