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.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank approves $750m for Nigeria’s power sector recovery - Daily Post NigeriaThe World Bank has approved a 750 million dollar International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO)
Read more »
World Bank okays $750m for Nigeria’s power sector
Read more »
World Bank Approves $750m for Nigeria’s Power Sector - THISDAYLIVEBy Obinna Chima World Bank has approved a $750 million International Development Association (IDA) credit to support Nigeria’s Power Sector Recovery Operation (PSRO). The intervention is expected to improve electricity supply in the country. The multilateral institution in a statement on Wednesday, said the intervention was expected to help achieve financial and fiscal sustainability as …
Read more »
World Bank approves $750m for power sector - The Nation NigeriaThe World Bank has approved $750 million in International Development Association (IDA) credit for Nigeria's Power Sector Recovery Operation (PSRO)...
Read more »
World Bank approves $750 million for Nigeria's power sectorAn official said the project is what is needed to lift 100 million Nigerians out of poverty.
Read more »
Four persons in Police net over fake bank alertsThe Police on Monday said they have arrested four suspects over alleged generation of fake bank alerts and sending same as evidence...
Read more »