The World Bank has approved a $750 million loan for Nigeria’s power sector.
The World Bank has approved the Power Sector Recovery Operation (PSRO) of $750 million in International Development Association (IDA) credit to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria. 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 or 2 per cent of its gross domestic product. The PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework