World Bank approves $500m to boost Nigeria’s electricity sector

World Bank has approved $500 million to support Nigeria to improve its electricity distribution sector.

The bank, in a statement on Friday, said that the project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large scale metering program desired by Nigerians for a long time.

It explained that financial support would be provided to private distribution companies only on achievement of result in terms of access connections, improved financial management and network expansion.

According to the bank, 85 million Nigerians do not have access to grid electricity.

“This represents 43 per cent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world,” the statement said. The money will go to distribution companies.

– Premium Times