Thursday, October 29, 2020

World Bank Approves $750m Loan to Improve Electricity in Nigeria

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

The Bank, in a statement in Abuja on Wednesday, said that the would help Nigeria achieve financial and fiscal sustainability and enhance accountability in the power 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.

According to the bank, the economic cost of power shortages in Nigeria is estimated at around $28 billion,…

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