The World Bank has approved a 750 million dollar International Development Association credit for Nigeria’s Power Sector Recovery Operation to improve electricity supply.
The Bank made this known in a statement in Abuja today, adding the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector.
It explained that about 47 percent of Nigerians did not have access to grid electricity and those who had access, faced regular power cuts.
According to the world bank, the economic cost of power shortages in Nigeria is estimated at around 28 billion dollars, which is equivalent to two percent of its Gross Domestic Product.
It stated that getting access to electricity was one of the major constraints for the private sector according to the Ease of Doing Business report.
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