SERAP Asks World Bank to Release Information on $500m Electricity Projects Funding in Nigeria thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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Nigeria to Improve Electricity Access and Services to Citizens
The World Bank approved $500 million to support the government of Nigeria in improving its electricity distribution sector. The project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large-scale metering program desired by Nigerians for a long time. In addition, 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.
85 million Nigerians don’t have access to grid electricity. This represents 43% percent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world. The lack of reliable power is a significant constraint for citizens and businesses, resulting on annual economic losses estimated at $26.2 billion (₦10.1 trillion) which is equivalent to abo
World Bank to boost Nigeria s power distribution with $500 million nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.
World Bank has approved $500 million to support Nigeria to improve its electricity distribution sector.
The bank, in a statement on Friday, said that the project will help boost electricity access by improving the performance of the Electricity Distribution Companies (DISCOs) through a large scale metering program desired by Nigerians for a long time.
It explained that financial support would be provided to private distribution companies only on achievement of result in terms of access connections, improved financial management and network expansion.
According to the bank, 85 million Nigerians do not have access to grid electricity.
“This represents 43 per cent of the country’s population and makes Nigeria the country with the largest energy access deficit in the world,” the statement said.
TODAY
February 5, 2021
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.