Loan: World Bank approves $750 million for Nigeria’s power sector

Loan: World Bank approves $750 million for Ni
After years of negotiation, the World Bank has approved the sum of $750 million loan to Nigeria’s power sector in order to carry out reforms that would stabilise the sector.

Statistics showed that about 47% of Nigerians do not have access to electricity; those who have faces power cuts regularly, therefore, the cost of power cuts and shortages was put at $28 billion which is equivalent to Nigeria’s gross domestic growth (GDP).

In the report (ease of doing business), 2020 version further revealed that the lack of power in Nigeria was a major obstacle facing the private sector in Nigeria.

It recommended that improving power sector in manufacturing and services in Nigeria will grow its economy in post COVID-19 era.

The loan which was approved by the Board of Directors of the Bretton Eood Institution, was for Power Sector Recovery Operation (PSRO) to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria.