World Bank approves $486m credit to boost Nigeria's power sector

World Bank approves $486m credit to boost Nigeria's power sector

- The world bank recently approved $486m to improve Nigeria's power grid

- The institution said that the fund will aid distribution companies to supply consumers with more power

- The bank announced this on Friday, February 16

World Bank on Friday, February 16, said it has approved a $486m credit facility to improve Nigeria's electricity grid.

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The international financial institution said: “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.”

Nigeria’s power sector is usually blamed by critics for the country’s slow economic growth. Businesses and households are subject to frequent power outages, and many depend on generators to power the electrical appliances for their ventures.

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Earlier, reported that the minister of power, works and housing, Babatunde Fashola, had said that the Nigerian electricity supply industry was losing an estimated N24bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy. gathered that Fashola said Nigerians consume about 300 million litres of diesel every month and 75 percent of this volume was imported, while about 40 per cent was used in generators to produce electricity.

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