Nigeria approves $2.6-billion electricity sector debt refinancing plan

Nigeria has approved a phased plan to refinance 4-trillion naira ($2.61-billion) in electricity sector debt to help stabilise the nation’s ailing power industry and improve supply, its finance minister said. The debt, primarily owed to 27 power generation companies for outstanding invoices between 2015 and 2023, has stifled investment in the industry and exacerbated chronic power outages in Africa’s most populous nation.