27 C
Abuja
Saturday, July 4, 2020
- Advertisement -
Home News World Bank approves $750m loan to improve electricity in Nigeria

World Bank approves $750m loan to improve electricity in Nigeria

The World Bank has approved a $750 million loan to the Federal government of Nigeria.

World Bank approves $750m loan to improve electricity in Nigeria/Credit: Licensors.
- Advertisement -

The aim of the loan is to help improve electricity supply in the country which is currently in a sorry state.

The World Bank released a statement yesterday, Tuesday, 24th of June 2020.

According to the World Bank, the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector.

Moreover, the bank stated the PSR operation will see to it that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.

“Getting access to electricity ranks as one of the major constraints for the private sector according to the 2020 Doing Business report.

“Hence, improving power sector performance, particularly in the non-oil sectors of manufacturing and services, will be central to unlocking economic growth post-COVID-19.

“The lack of reliable power has stifled economic activity and private investment and job creation; which is ultimately what is needed to lift 100 million Nigerians out of poverty,” the statement read.

“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 statement added.

- Advertisement -

According to the Bank, about 47% of Nigerians lack access to grid electricity and those who do have access, are faced with regular power failure.

World Bank country director for Nigeria, Shubham Chaudhuri, said improving the supply of electricity will lift no less than 100 million Nigerians out of poverty.

- Advertisement -
Victoria Michaelhttps://www.naijahomebased.com/
Hi, I am Victoria Michael. An entertainment & viral news reporter for Naijahomebased. I have a passion for writing.

Please leave a comment below. However, for your comment to be approved, it must meet with our community guidelines. Views expressed below are those of their authors. Therefore, Neither NaijaHomeBased nor any of its employees can be held accountable.

- Advertisment -

just in

Man bags Law degree 3 years after Nigerians donated money to help him beat lymphatic cancer

A Nigerian man identified as Kolawole Olaniyi has taken to Twitter to appreciate the goodwill Nigerians who donated money to help him beat Lymphatic...

Police arrest woman, 24, for CHILD abuse after she tortured and ‘inserted pepper’ into private part of maid, 10

Enugu State Police Command have arrested a woman and her husband for abusing and inflicting grievous injury on a 10-year-old child who...

Kemi Olunloyo clashes with SARS operatives who allegedly tried to extort her son

Popular Nigerian journalist, Kemi Olunloyo, has shared a video which shows officers of the Special Anti-Robbery Squad and herself exchanging words in...

Ebonyi State Governor, David Umahi ‘Tests Positive’ for COVID-19

The Governor of Ebonyi State, David Umahi, has on Saturday announced that he tested positive for coronavirus The governor...

CONNECT WITH US

11,800FansLike
18FollowersFollow
36FollowersFollow
32SubscribersSubscribe