The World Bank has approved a $500 million loan to Nigeria to address electricity issues.
According to a statement from the Bureau of Public Enterprises (BPE) in Nigeria, the World Bank has approved a $500 million loan to address the increasing electricity problems in the country.
The statement noted that the loan aims to improve the financial and technical performance of distribution companies that have been struggling to increase capacity for over 10 years since the privatization of Nigeria’s electricity sector.
Nigeria, rich in oil, faces frequent power outages in many parts of the country. The majority of the population, who only receive an average of 4 hours of electricity service per day, rely on generators to meet their energy needs.