The World Bank has approved a $750 million loan through the International Development Association (IDA) to improve the reliability of electricity supply in Nigeria.
In a statement on Tuesday, the World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector.
According to the bank, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.
It also estimated that the economic cost of power shortages in Nigeria is $28 billion, equivalent to 2% of the country’s gross domestic product (GDP).
Commenting on the credit facility, Shubham Chaudhuri, World Bank country director for Nigeria, said adequate electricity supply is capable of lifting 100 million Nigerians out of poverty.
“The lack of reliable power has stifled economic activity and private investment and job creation, which is ultimately what is needed to lift 100 million Nigerians out of poverty,” Chaudhuri said.
“The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amidst the COVID-19 pandemic.”
The PSRO provides results-based financing to support the implementation of the power sector recovery programme (PSRP).
According to the World Bank, about 47% of Nigerians do not have access to grid electricity and those who do have access, face regular power cuts.
Checkout These Photos Of Dorathy’s Sister Who Is A Fashion Model
Dorathy Bachor’s younger sister, Ruth Bachor has broken the Internet with her stunning look. Apparently, beauty runs in their family....
DJ Cuppy reveals that she and her sister, Tolani are single
Nigerian entertainer, DJ Cuppy has revealed that she and her songstress sister, Tolani are single. She made this known while...
Ozo Gives Nnegi A Romatic Lap Dance (VIDEO) #bbnaija
The Big Brother Naija Lockdown housemates are played an erotic game called “Spin the bottle” which is similar to the...
#BBNaija: “A man who feels threatened by a woman who has money has low self-esteem” – Prince
Big brother Naija 2020 housemate, Prince Enwerem has said that a man shouldn’t be proud to ask his woman for money if need...
“He is eating Dora’s breast” – Nigerians react to video of Ozo chewing his mouth while sleeping
Nigerians are currently trolling Big Brother Naija housemate, Ozoemena after a video of him chewing his mouth while sleeping surfaced...