An investment plan for Nigeria's national power grid is expected to see some 8 million households receive electricity over the next 18 months.

The project which is headed by a group member of the World Bank, the IFC, is expected to add 1,500 megawatts of power generation capacity in the West African country.

According to the Sun Newspaper, IFC also plans to provide project structuring and investments along with tailor-made packages of risk mitigation instruments that include World Bank Partial Risk Guarantees and MIGA Political Risk Insurance.

Jean Philippe Prosper, IFC vice president for sub-Saharan Africa, Latin America and the Caribbean, said, “The Federal government of Nigeria has demonstrated strong commitment to successful implementation of the power sector reform so that all the pieces of a sustainable power sector are coming together."

"IFC and the other institutions of the World Bank Group are committed to supporting Nigeria with targeted interventions in the power sector that facilitate demonstration projects and boost investor confidence and contribute to better living standards," he adds.