The World Bank has approved five hundred million dollars to help boost access to electricity in Nigeria and improve the performance of the electricity distribution companies in the country.
In a statement the World Bank b said financial support will be provided to private distribution companies only on achievement of results in terms of access connections, improved financial management and network expansion.
The statement quotes World Bank Country Director, Shubham Chaudhuri as saying that improving access and reliability of power is key to reducing poverty and unlocking economic growth in the aftermath of the global COVID-19 pandemic.
According to the World Bank task team leader for the project, Nataliya Kulichenko, the programme will only be eligible to those Distribution Companies that transparently declared their performance reports to public with the actual flow of funds based on strict verification of achieved performance targets by an independent third party.
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