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World Bank approves $486 million to boost electricity in Nigeria
It is confirmed by the Senior Communications Officer in Nigeria that the World Bank has approved funding that will improve electricity in Nigeria.
He said the International Development Association (IDA) facility is for the rehabilitation and upgrading of electricity transmission substations and lines.
The fund, which is under the Nigeria Electricity Transmission Project, is expected to increase the power transfer capacity of transmission networks. It would also enable the distribution companies to supply consumers with additional power.
He said the World Bank would also support private sector participation, capacity development, and better governance in the Transmission Company of Nigeria and other sector institutions.
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“This project is part of the Power Sector Recovery Programme (PSRP) by the Federal Government, which is a comprehensive package of policy, legal, regulatory, operational and financial interventions that would restore the financial viability of the power sector,” the statement added.
According to the statement, IDA has since 1960 supported development work in 113 countries. In the last three years, annual commitments had averaged about $18 billion, with about 54% of it going to Africa.
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