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Nigeria - Economic and Power Sector Reform Programme (EPSRP) - PPER
This operation is an ADF loan of UA 100 million with a first tranche of UA 67 million and a second tranche of UA 33 million. It was approved by the AfDB Board on 1st October 2009. It was originally anticipated that first tranche disbursement would take place in March 2010 and the second tranche in September 2010. It represents both the first Bank PBO in Nigeria, and the first Bank PBO in the energy sector. It is the largest sectoral PBO that the Bank has approved over the evaluation period.
The origin of the operation was a proposed power sector project which AfDB wished to take forward within a context (as discussed in a meeting of the Bank’s Nigeria Management Country Team Meeting focusing on Implementation of the Bank Group Strategy in 2008-9) of the unwillingness of the Nigerian authorities to undertake non-concessionary borrowing, and a consequent decline in the Bank’s portfolio in Nigeria, and the need identified by the Bank to restructure Nigeria’s borrowing on AfDB terms to finance private sector projects in infrastructure. AfDB originally envisaged (as recommended by the Mid Term Review of the Nigeria CSP in March 2008) a Power Project as an ADF Loan of UA 73 million (from Nigeria’s 2007-2010 ADF allocation) with additional possible cofinancing from the Bank’s Private Sector window as part of a Public Private Partnership arrangement.