World Bank okays N291b to improve electricity in Nigeria

The World Bank has approved $750 million (about N290.6 billion) to tackle the liquidity crisis in Nigeria’s power sector.

The fund, coming as an International Development Association (IDA) credit for the nation’s Power Sector Recovery Operation (PSRO), is to boost financial sustainability and enhance accountability in the sector.

Decrying the nation’s epileptic electricity supply that had cost the economy some $28 billion and two per cent of its Gross Domestic Product (GDP), the World Bank Country Director for Nigeria, Shubham Chaudhuri, observed that the initiative would uplift the citizens.

He lamented that the lack of reliable power had stifled economic activities, investments and job creation.