World Bank Approves $750 Million For Nigeria’s Power Sector Recovery

The World Bank has approved a 750 million dollar International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation, PSRO, to improve electricity supply.

This was revealed by the Bank in a statement in Abuja on Wednesday, stressing that the aim was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector, NAN reports.

It further explained that about 47 percent of Nigerians do not have access to good electricity and those who had access, faced regular power cuts.

According to the bank, the economic cost of power shortages in Nigeria is estimated at around 28 billion dollars, which is equivalent to two percent of its Gross Domestic Product (GDP).

In the statement, Shubham Chaudhuri, World Bank Country Director for Nigeria, said:

“lack of reliable power has stifled economic activity and private investment and job creation.”

”This 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. Follow us on Instagram @sofovilla | Follow us on Twitter @sofovilla | Like our page on Facebook via @sofovillamedia