The World Bank in Geneva, Switzerland has now approved the lump sum of $750m aimed at improving electricity in Nigeria. Factboyz.com has learnt
This development was revealed in a statement released on Wednesday, June 24;
The apex financial institution, World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector.
The bank was careful to note that, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.
Shubham Chaudhuri, World Bank country director for Nigeria, said an improved supply of electricity will lift 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.”
More than 47% of Nigerians live without electricity and up to 95% live without constant electricity.