The World Bank has approved a $750 million International Development Association credit for Nigeria’s Power Sector Recovery Operation.
The statement quoted World Bank Country Director for Nigeria, Shubham Chaudhuri, as saying the credit would help to improve the electricity supply in Nigeria.
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.
“The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the impact of tariff adjustments.
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