World Bank okays $750m for Nigeria’s power sector

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World Bank okays $750m for Nigeria’s power sector
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The World Bank has approved a $750m International Development Association credit for Nigeria’s Power Sector Recovery Operation.

The statement quoted the bank’s Country Director for Nigeria, Shubham Chaudhuri, as saying the credit would help to improve the electricity supply in Nigeria.

It said the economic cost of power shortages in Nigeria was estimated at around $28bn, equivalent to two per cent of the country’s Gross Domestic Product. “The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic.”

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