Nigeria has secured a $3billion facility from the World Bank to deal with the intractable problems of poor electricity threatening economic growth.
Nigeria’s Finance minister, Zainab Ahmed and Central Bank of Nigeria Governor, Godwin Emefiele addressed reporters in Washington at the just concluded World Bank meeting on the loan.
The minister said the money would be released in four tranches starting from April 2020 when $750m would be released.
The minister added that the loan was requested specifically to tackle matters of power.
Power sector in Nigeria has remained problematic as those entrusted with the sector have not put the resources at their disposal to good use.