By Obinna Chima
The World Bank has approved $500 million to support the federal government in improving the country’s electricity distribution companies’ (Discos) operations.
The Washington-based institution disclosed this in a statement Friday.
It anticipated that the project would help boost electricity access by improving the performance of the Discos through a large-scale metering program desired by Nigerians for a long time.
In addition, it pointed out that financial support would be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and network expansion.
The bank disclosed that 85 million Nigerians don’t have access to grid electricity. This, it stated represents 43 per cent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world.