A loan of 500 million dollars (approximately N190 billion) has been approved by the World Bank to improve access to electricity in Nigeria.
According to Bloomberg, the World Bank said the money would help distribution companies (DisC0s) “make necessary investments to rehabilitate networks, install electric meters for more accurate customer billing and to improve quality of service for those already connected to the grid.”
This loan follows the Bank’s 2020 backing of $750 million project to boost the energy sector of Africa’s biggest economy.
Nigeria lost about $26.2 billion as a result of unstable power supplies and 43% of the country’s 200 million people aren’t connected to the grid, the World Bank said.