World Bank Approves Loan for Energy to Nigeria

By: Precious Lesupi

The World Bank has afforded a loan of $750 million to Nigeria for assistance with access to power for most of its citizens.

“The loan given to Nigeria aims to solve the electricity problem in the country and revive the economy, especially the private sector”, director Subham Chaudhuri said in a report on Wednesday. This aid is said to help lift about 100 million Nigerians out of poverty by investing in the energy sector as well as the production and service sector.

According to Nigerian Clean Technology Hub, about 93 million citizens of the country with a population of 200 million face power shortages. These power shortages are estimated to cost around $28 billion.

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