The world bank as approved the sum of 486 Million dollars which is to be disburse to the Transmission Company of Nigeria to enable it expand the country current transmission capacity in line with the Federal Government 2030 goal to expand the grid from 7, 000 MW to 30, 0000 MW.
Moreover the 11 electricity distribution companies will also be given from the credit facility to enable them expand their various distribution network in order to wheel more electricity the millions of Nigerians without access to the national grid.
This is the first funding by the World bank in Nigeria Power Sector during the Buhari led administration and this is a positive indicator for the sector too.
Nigeria’s power sector is often criticized by economists for holding back the country’s economic growth.
Businesses and households are subject to frequent blackouts, and many depend on their own generators that are expensive to run.