750 Million Dollars for Nigeria’s power sector by World Bank

The World Bank Board of Directors Wednesday approved the Power Sector Recovery Operation (PSRO), an operation of 750$ million in International Development Association (IDA) credit to improve electricity supply, achieve financial and fiscal sustainability, and enhance accountability in the power sector in Nigeria. The Breton Woods institution estimated the economic cost of power shortages in Nigeria at around $28 billion is equivalent to two percent of the nation’s Gross Domestic Product (GDP). World Bank’s timely intervention in Lake Chad FG has fulfilled disbursement criteria for $3.4bn loan – IMF The amount in power loss in a year is sufficient to build double standard rail tracks from Ibadan to Kano, Lagos to Calabar and Port Harcourt to Maiduguri based on current contract estimates by the ministry of transportation. The development finance institution stated: “Getting access to electricity ranks as one of the major constraints for the private sector according to the 2020 Doing Business report.