Frightening: World Bank approves $486m to boost electricity in Nigeria | Oby Oriji Blog
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Frightening: World Bank approves $486m to boost electricity in Nigeria

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First of all, I am forced to say that I regret this World Bank suppose gesture already. Is it a clear act of kindness, or is there a hidden agenda on the part of World Bank.

Secondly, Isn’t this money going to be spent and nothing will improve the electricity situation, instead, we will have this money be the reason for an intense investigation by the EFCC on lawmakers who have diverted it for themselves?  This $486million is simply another ticking time bomb for this Country. Temptation is on, and someone/people in Nigeria, are already planning the best way to divert it. With that said, let us get back to the big news.

The World Bank in all its glory, kindness, and personal interest, has approved $486million credit and scale up facility to boost electricity in Nigeria. (Imagine having to pay back this money)

The Senior Communications Officer of Nigeria, Olufunke Olufon, disclosed this in a statement.

He said the International Development Association (IDA) facility is for the rehabilitation and upgrading of electricity transmission substations and lines, which many are worried it might not be wholly used, or there won’t be any improvement on the light situation.

The fund, which is under the Nigeria Electricity Transmission Project, is expected to increase the power transfer capacity of transmission networks, hoping they won’t give the EFCC a reason to visit.

It would also enable the distribution companies to supply consumers with additional power.(hopefully)

Olufon said: “Together with other investments and policy measures, the project would contribute to ensuring adequate and reliable electricity supply for Nigeria’s continued economic development.”

He said the World Bank would also support private sector participation, capacity development and better governance in the Transmission Company of Nigeria and other sector institutions.

“This project is part of the Power Sector Recovery Programme (PSRP) by the Federal Government, which is a comprehensive package of policy, legal, regulatory, operational and financial interventions that would restore the financial viability of the power sector,” the statement added.

The measures, which would be implemented through 2021, are aimed at improving transparency, service delivery and re-establishing investors’ confidence in the sector.

According to the statement, IDA has since 1960 supported development work in 113 countries.

In the last three years, annual commitments had averaged about $18 billion, with about 54 per cent of it going to Africa.

IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa.

Resources from IDA bring positive change to the 1.5 billion people who live in IDA-focused countries.

The association has helped the world’s poorest countries by providing grants and low to zero-interest loans for projects and programmes.

The grants are to boost economic growth, reduce poverty and improve the lives of poor people.

Taken from The Guardian

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Oby Oriji

The author Oby Oriji

I am a 5'7" tall extrovert Igbo girl with restless hands. An obsessed writer, and the reason we are here. Email : Oriji.oby@gmail.com dealspotr.com

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