World Bank approves $750m loan to improve electricity in Nigeria

The World Bank has approved a $750 million loan to the Federal government which is to be used to improve electricity supply in the country.

In a statement released today Wednesday, June 24, the World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. According to the bank, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022.

Shubham Chaudhuri, World Bank country director for Nigeria, said an improved supply of electricity will lift at least 100 million Nigerians out of poverty.

“The lack of reliable power has stifled economic activity and private investment and job cr