The World Bank has approved a $750 million International Development Association credit for Nigeria’s Power Sector Recovery Operation.
This was contained in a statement issued by the bank today being Wednesday.
The statement quoted the World Bank Country Director for Nigeria, Shubham Chaudhuri, as saying that the credit would help to improve the electricity supply in Nigeria.
It expressed worry that about 47 per cent of Nigerians have no access to grid electricity and those who had access, faced regular power cuts.
According to the bank, the economic cost of power shortages in Nigeria is estimated at around 28 billion dollars, which is equivalent to two per cent 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.
A part of the statement read; “Lack of reliable power has stifled economic activity and private investment and job creation.
This is ultimately what is needed to lift 100 million Nigerians out of poverty.”
