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 well as enhance accountability in Nigeria’s power sector.
“About 47 per cent 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 – equivalent to two per cent of its Gross Domestic Product (GDP).
“Getting access to electricity ranks as one of the major constraints for the private sector according to the 2020 Doing Business report. Hence, improving power sector performance, particularly in the non-oil sectors of manufacturing and services, will be central to unlocking economic growth post COVID-19,” the Bank added.