The World Bank has approved 750 million dollars in International Development Association, IDA loan for Nigeria’s Power Sector Recovery Operation, PSRO.
The World Bank Board of Directors gave the endorsement to improve the consistency in electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria.
It added that over 47 per cent of Nigerians do not have access to grid electricity and those who have access face regular power cuts.
The Bank in addition, noted that the economic cost of power shortages in Nigeria is estimated at around 28 billion naira it’s Gross Domestic Product, GDP.
The World Bank also decried that getting access to electricity ranks as one of the major constraints for the private sector according to the 2020 Doing Business report.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, however, said lack of reliable power has stifled economic activity and private investment and job creation, which is eventually what is needed to lift 100 million Nigerians out of poverty.