World Bank Approves $750m Credit For Nigeria Power Sector

A sum of $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply has been approved by the World Bank. This was disclosed in statement by the World Bank in Abuja on Wednesday. The aim was to achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector. The statement explained that about 47 per cent of Nigerians do not have access to grid electricity and those who have access, faced regular power cut. According to World Bank, the economic cost…

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