World Bank to consider Nigeria’s request for $1bn to improve power sector

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Federal Government officials and their World Bank counterparts on Wednesday agreed on the necessary steps to be taken before the presentation of Nigeria’s request for $1bn for consideration by the executive board of the institution, The Punch reports.

In a statement issued after a meeting in Abuja, the World Bank said it was committed to supporting the Federal Government’s Power Sector Recovery Programme (PSRP) on which the money would be spent and added that it was pleased with progress in implementing the early actions of the PSRP.

The World Bank said that the discussions it had with the government officials demonstrated that there was a strong momentum in the power sector and showed the government’s commitment to taking the critical next steps that would allow for the presentation of the performance-based loan to its Board of Executive Directors.

The World Bank Country Director for Nigeria, Rachid Benmessaoud, said, “The bank recognises the critical importance of the power sector to private sector financing and investment, and we will continue supporting the government’s effort to implementing its Power Sector Recovery Programme, thereby de-risking the sector for much needed private capital.”