Oyogist.com has learnt that the World Bank has okayed a $500 million grant to aid in improvement of electricity for major electricity distribution companies in Nigeria.
This was disclosed in a recent statement by the Bank, as the Program was categorised under the distribution sector recovery program (DISREP).
Shubhamm Chaudhuri, World Bank’s country director, said: “The operation will help improve the financial viability of the discos and increase revenues for the whole Nigerian power sector, which is critical to save scarce fiscal resources and create jobs by increasing the productivity of private and public enterprises”.
“Specifically, it will ensure that DisCos 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,” World Bank said.
“It will also help strengthen the financial and technical management of DisCos to improve the transparency and accountability of the distribution sector.” he said further.