World Bank on Friday, February 16, said it has approved a $486m credit facility to improve Nigeria's power sector.
The International institution said that it is focused to help distribution firms supply more power to consumers.
- The world bank recently approved $486m to improve Nigeria's power grid
- The institution said that the fund will aid distribution companies to supply consumers with more power
- The bank announced this on Friday, February 16
World Bank on Friday, February 16, said it has approved a $486m credit facility to improve Nigeria's electricity grid.
READ ALSO : How APC plans to stop Saraki, Kwankwaso, Ortom from defecting to PDP - Party chieftain
The international financial institution said: “The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies to supply consumers with additional power.”
Nigeria’s power sector is usually blamed by critics for the country’s slow economic growth. Businesses and households are subject to frequent power outages, and many depend on generators to power the electrical appliances for their ventures.
READ ALSO : NOTICE: Copies Of The New FCT High Court Civil Procedure Rules Now Available
Earlier, We reported that the minister of power, works and housing, Babatunde Fashola, had said that the Nigerian electricity supply industry was losing an estimated N24bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy.
We gathered that Fashola said Nigerians consume about 300 million litres of diesel every month and 75 percent of this volume was imported, while about 40 per cent was used in generators to produce electricity.
Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984 Subscribe to Ujuayalogusblog.com News!
For More: Visit Us at Uju Ayalogu's Blog
No comments:
Post a Comment