Some of the challenges in the power sector including poor access and low metered network are to be addressed by the World Bank‘s $500 million loan to the sector.
The loan is a follow up to the World Bank’s backing last year of a $750 million project to boost the energy sector of Africa’s biggest economy.
Nigerians have battled poor power supply while also lamenting crazy outrageous bills owing to inadequate metering.
Bloomberg quoting the Bretton Woods institution said the money will help distribution companies “make necessary investments to rehabilitate networks, install electric meters for more accurate customer billing and to improve quality of service for those already connected to the grid”.
Conditions for disbursement according to the lender is strict that, private distribution companies must meet various criteria including connection targets, financial management and network expansion.
Nigeria lost about $26.2 billion as a result of unstable power supplies and 43% of the country’s 200 million people aren’t connected to the grid, noted the World Bank.
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