World Bank Approves $750m Loan for Nigeria to Improve Power Supply

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The World Bank has approved a $750 million loan to the Federal government which is to be used to improve electricity supply in the country.

 

Today, 24th June, The World Bank stated that the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. Also, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.

 

The World Bank disclosed that about 47% of Nigerians do not have access to grid electricity and those who do have access, face regular power cuts.

 

However, Shubham Chaudhuri, World Bank country director for Nigeria, is optimistic that an improved electricity supply will lift at least 100 million Nigerians out of poverty

 

He said,

 

“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.”

 

 

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