An official said the project is what is needed to lift 100 million Nigerians out of poverty.
World Bank has approved a $750 million International Development Association credit for Nigeria’s Power Sector Recovery Operation to improve electricity supply.
According to the bank, the economic cost of power shortages in Nigeria is estimated at around $28 billion, which is equivalent to two per cent of itsIt stated that getting access to electricity was one of the major constraints for the private sector according to the Ease of Doing Business report. The bank said that PSRO would provide results-based financing to support the implementation of the Government’s Power Sector Recovery Programme .
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