The World Bank has International Development Association credit worth $750m for Nigeria’s Power Sector Recovery Operation to improve electricity supply, SaharaReporters reports.
The international financial institution, in a statement on Tuesday, said the loan was for the power sector recovery operation to achieve financial sustainability and enhance accountability in the sector. It explained that about 47 per cent of Nigerians do not have access to grid electricity and those, who had access faced regular power cuts.
Shubham Chaudhuri, World Bank Country Director for Nigeria, said lack of reliable power had stifled economic activity and private investment and job creation. It explained that about 47 per cent of Nigerians do not have access to grid electricity and those, who had access faced regular power cuts.
He said; “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.”
The PSRO provides results-based financing to support the implementation of the power sector recovery programme.