W’Bank Seeks Improvement in Nigeria’s Power Sector with $750m Intervention via thisdaylive
The World Bank has approved a $750 million International Development Association credit for Nigeria to address the perennial epileptic power supply in the country.A statement from the Washington-based multilateral institution said the fund would help improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria.
“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,” he added. The bank added that getting access to electricity ranks as one of the major constraints for the private sector according to the 2020 Doing Business report.
The PSRP is a comprehensive programme to restore the power sector’s financial viability, improve service delivery and reduce its fiscal burden. “It will also increase public awareness about ongoing power sector reforms and performance. Specifically, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework.
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