World Bank has approved a loan of $750 million for improvements to Nigeria’s power sector, according to a statement released June 23.
According to World Bank, some 47 percent of Nigerians do not have access to grid electricity, and those who do have access face regular power cuts. In addition, the economic cost of power shortages in Nigeria is estimated at around $28 billion.
Getting access to electricity ranks as one of the major constraints for the private sector, according to the 2020 Doing Business report.
The bank explained that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, will be central to unlocking economic growth following COVID-19.
“The lack of reliable power has stifled economic activity and private investment and job creation, which is ultimately what is needed to lift 100 million Nigerians out of poverty,” said Shubham Chaudhuri, World Bank country director for Nigeria.
