Nigeria and the World Bank have taken further steps to close out a harmonious deal on a recovery plan to bail out the country’s ailing electricity market, ThisDay reports.
Accordingly, both the Federal Government of Nigeria and the World Bank Group held a high level consultation meeting to discuss World Bank Group support for the government’s power Sector Recovery Programme during the last Spring Meeting of the World Bank and International Monetary Fund (IMF) in Washington, United States. The programme was approved by the Federal Executive Council (FEC) on March 22, 2017.
A statement from the World Bank stated that the power sector recovery programme would focus on supporting the implementation of power sector reform, reducing losses in the electricity distribution companies (Discos), enhancing the sector’s financial viability, increasing access to electricity services, and mobilising private sector investment. It in this regards indicated that a deal on this was imminent and that both parties were committed to seeing it out soon.
It also reaffirmed its strong partnership with Nigeria in addressing the challenges in the power sector and said it would bring its experience in developing financing solutions and attracting private sector capital in Nigeria, adding that the meeting resulted in agreement on the next steps in developing the World Bank Group’s support, recognising the need for concerted efforts to accelerate its preparation.
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