The World Bank said it has aided the country’s power sector with the sum of $1.25 billion within two years.
This was disclosed during the presentation of the Power Sector Recovery Programme factsheet during the World Bank’s virtual meeting with journalists.
The World Bank’s Practice Manager, West and Central Africa Energy, Ashish Khanna said the country’s power sector has not kept up with demand or provides reliable supply to existing customers.
Ashish Khanna, also disclosed that businesses in Nigeria lose about $29bn annually because of unreliable electricity.
He said: “Between June 2020 and February 2021, the World Bank Board approved US$1.25 billion financings to support the Government in its efforts to reset the power sector. World Bank’s Power Sector Recovery Operation and Distribution Sector Recovery Programme are designed to support PSRP implementation.
“Nigeria has the largest number of people without access to electricity in the world: every one in 10 people without access to electricity now reside in Nigeria. The power sector has not been able to keep up with demand or provide a reliable supply to existing customers. Only 51 per cent of installed capacity is available for generation.
“An average Nigerian consumes four times less energy than her counterpart in a typical lower middle-income country. Businesses in Nigeria lose about US$29 billion annually because of unreliable electricity’’
. Also in his presentation, the senior energy specialist, World Bank, Muhammad Wakil, said 40 per cent of Nigerians did not have access to electricity.
To tackle the challenges, Wakil said Nigeria would need to connect one million households to the grid annually in order to meet the year 2030 set date for ‘electricity for all’ imitative.