Saturday, May 8, 2021
telegram SH
Whatsapp 9787748839374893773 1

images 23 1609798193847

HomeNewsGeneral NewsWorld Bank Approves $750m Loan To Improve Electricity In Nigeria

World Bank Approves $750m Loan To Improve Electricity In Nigeria

A $750 loan has been approved by the World Bank through the International Development Association (IDA) to improve the reliability of electricity supply in Nigeria.

World Bank Approves $750m Loan To Improve Electricity In Nigeria

While revealing this in a statement on Tuesday, the World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector, adding that the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.

The bank also gave an estimation that the economic cost of power shortages in Nigeria is $28 billion, equivalent to 2% of the country’s gross domestic product (GDP).

The World Bank director for Nigeria, Shubham Chaudhuri, while commenting on the credit facility, said adequate electricity supply is capable of lifting 100 million Nigerians out of poverty.

He said;

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.

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 amidst the COVID-19 pandemic.

The PSRO provides results-based financing to support the implementation of the power sector recovery programme (PSRP).


SEE HOW TO MAKE MONEY ON THIS PLATFORM>>[http://bit.ly/2PvYHfC]

Donate to support Freshreporters=>https://freshreporters.com/support




DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo [email protected]

For Advert and other info, you can send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

telegram iconJoin our Telegram Group

facebook iconLike our Facebook Page

whatsapp iconJoin our WhatsApp Group

twitter iconFollow Us on Twitter

facebook iconJoin Our FACEBOOK GROUP

instagram iconFollow Us on Instagram

youtube iconSubscribe to our YouTube Channel


PROMO SALES!!! Get cheap WRISTWATCH, SHADES & BRACELET collections😘💃

wristwatch, shades, bracelet

Most Viewed news