The World Bank says it has approved the sum of $500 million to support Nigeria in electricity distribution.
Country Director of the World Bank, Shubham Chaudhuri disclosed this in a statement on Friday.
He said the operation will help improve the financial viability of the Discos and increase revenues for the whole Nigerian power sector, which is critical to save scarce fiscal resources and create jobs by increasing the productivity of private and public enterprises.
Chaudhuri stated that Improving access and reliability of power is key to reducing poverty and unlocking economic growth in the aftermath of the COVID-19 pandemic.
He said the financial support would be provided to private Discos only on achievement of results in terms of access connections, improved financial management and network expansion.
