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Business News of Wednesday, 24 June 2020

Source: MyNigeria

World Bank approves $750 million loan for electricity in Nigeria

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

The World Bank revealed that the loan will help the Power Sector Recovery Operation (PSRO) in financial sustainability and also accountability.

The World Bank expects the distribution grip to get a supply of 4,500 MWh/hour of electricity by 2022.

Shubham Chaudhuri, World Bank country director for Nigeria, said that adequate electricity supply can lift 100 million Nigerians out of poverty.

“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,” Chaudhuri said.

“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.”

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