World Bank Approves $750 million funds for the recovery of Nigeria Power Sector | AfriTV Online

The World Bank has successfully sanctioned an International Development Association (IDA) credit of $750 million, not just to improve but also to refurbish Nigeria’s Power Sector in line with the Power Sector Recovery Operation (PSRO). The World ...

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World Bank Approves $750 million funds for the recovery of Nigeria Power Sector

Published by: Tobiloba Chelsea
06/24/2020 10:55 AM

The World Bank has successfully sanctioned an International Development Association (IDA) credit of $750 million, not just to improve but also to refurbish Nigeria’s Power Sector in line with the Power Sector Recovery Operation (PSRO).


The World Bank made this known in a statement moments ago, in Abuja (Federal Capital Territory). According to NAN reports, “This stipulated credit aims to attain fiscal and financial stability as well as to enhance accountability in Nigeria Power Sector”.


It is indeed disheartening to see over 47 percent of Nigerians suffer without proper access to grid electricity, and citizens with access are faced with regular power cuts.


The economic costs of Nigeria power shortages are valued at $2 billion, equivalent to 2 percent of Gross Domestic Product (GDP).


One of the cases of a stifled economic activity such as private investment and job creation is because of reliable power, World Bank Country Director, Shubham Chaudhuri highlighted.


The PSRO, by 2022, will take up the responsibility of ensuring 4,500 MWh/hour of electricity is supplied to the distribution grid, by strengthening the policy, regulatory, and financing framework. It will as well enhance the financial viability and accountability of the power sector, bringing aid to the sector to create a sustainable operation track record.

 

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