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

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

The bank, in statement in Abuja on Wednesday, said that the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector.

It explained that about 47 per cent of Nigerians did not have access to grid 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, which is equivalent to two per cent of its Gross Domestic Product (GDP).

It stated that getting access to electricity was one of the major constraints for the private sector according to the Ease of Doing Business report.

It added that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, would be central to unlocking economic growth post COVID-19.

– Premium Times