$550 mn earmarked for Nigerian energy infrastructure

LAGOS – The Nigeria Sovereign Investment Authority (NSIA) said it has received $550 million more from the federal government to help fund energy infrastructure projects.

NSIA said the funding is derived from a $1 billion Eurobond which was successfully floated in 2013.

“The objective is to generate catalytic funding for gas to power infrastructure, which will leverage on available funds to boost the development of the power sector and improve power supply,” the investment management authority said.

Of the $550-million fund, $200 million will be allocated to the Nigeria Infrastructure Fund to finance gas to power investments in a co-investment partnership with domestic and foreign private players.

The balance will go into a liquidity facility that the Nigerian Bulk Electricity Trading Company (NBET) will manage on behalf of the federal government “to boost investors’ confidence in the power sector reforms,” NSIA said.