World Bank Approves $750m Loan For Nigeria To Upgrade Electricity
The World Bank has approved Nigeria's $750m (N30bn) loan from IDA to increase efficiency and supply of electricity in Nigeria. The bank said the loan is to revive electricity sector.
According to the plan, the project will generate about 4500 Megawat of electricity by 2022.
Nigeria produce nearly 3000 Megawat of electricity to be distributed in Nigeria.
According to the World Bank Director, Shubham Chaudhuri, he said enough electricity will raise 100 million people out of poverty in Nigeria.
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He said: "The lack of proper electricity has become a barrier to trade and employment, and is needed to lift 100 million Nigerians out of poverty."
"The purpose of the program is to revolutionize the power sector and to embrace sustainable development."
"This is especially important now that the government's need funding to help the lives of people in the current epidemic COVID-19."
According to the World Bank, 47% of Nigeria's population does not have access to electricity at all and only a few have access to it regularly.