The World Bank has approved a $750 million loan to the Federal Government to be used to improve the country’s electricity supply.
In a statement released today Wednesday, June 24, the World Bank said the loan is for the recovery activity of the power sector (PSRO) in order to achieve financial sustainability and improve transparency in the sector. The PSRO must ensure 4,500 MWh / hour of electricity will be supplied to the distribution grid by 2022 according to the bank.
Shubham Chaudhuri, the country director of the World Bank for Nigeria, said an enhanced electricity supply would bring at least 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.
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 statement read
According to the World Bank, approximately 47 percent of Nigerians do not have access to grid electricity and those who do have access face daily power disruptions.
