The World Bank has estimated that Nigeria will require around $100 billion over the next ten years to address the issue of inconsistent electricity supply, which has resisted all efforts by administrations since 1999.
However, the Nigerian Electricity Regulatory Commission (NERC) said yesterday that starting on July 1, 2022, there would be a notable improvement in the nation’s power sector because market participants have contracted to ensure the generation, transmission, and distribution of 5000 megawatts (mw) of electricity in the country. This announcement is part of efforts to address the challenge in the power sector.
Speaking at a programme hosted by The Electricity Hub, a company that offers insights on the sector, Ashish Khanna, Regional Director for Infrastructure, Africa West and East of the World Bank, said that the $100 billion the nation needs over the next ten years is expected to be funded in large part by the private sector.
He continued, saying that Nigeria has the biggest percentage of people without access to electricity globally, which has caused the country’s GDP to decline by around 4%. (GDP).
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