Just In: World Bank Approves 175 Billion Naira For Nigeria’s Electricity Improvement
Nigeria’s electricity sector has received boost with fresh investment from the World Bank.
The global lender on Friday approved a $486 million, about 175-billion-naira credit facility to Nigeria for electricity grid improvements.
“The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies to supply consumers with additional power,” the World Bank said.
Nigeria’s dilapidated power sector is often criticised by economists for holding back the country’s economic growth.
Businesses and households are subject to frequent blackouts, and many depend on their own generators that are expensive to run.
More details soon...
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