Nigeria: AfDB approves $184.2m partial risk guarantee for NBET

The African Development Bank (AfDB) is following in the footsteps of the World Bank, backstopping the Nigerian power sector with a $184.2m African Development Fund (ADF) partial risk guarantee (PRG) for Nigeria Bulk Electricity Trading (NBET) and a $3.1m ADF loan for capacity building (AE 254/16). The PRG will guarantee NBET’s contractual obligations to independent power producers (IPPs) at Okija, Ikot Abasi, Yellowstone and Ughelli. The AfDB was asked in May 2013 by the Nigerian government to cover the risk of non-payment by NBET for up to three months.