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World Bank to commit $750 million for Nigeria’s Rural Electrification

Nigeria’s Rural Electrification, World Bank

Electricity (Image credit: Getty image)

The World Bank has announced that it plans to commit the sum of $750 million through the Nigeria Electrification Project (NEP), to boost rural electrification and enable Nigerians to have better access to electricity.

Ms. Elizabeth Huybens, the World Bank’s Director of Strategy and Operations for the Western Central African Region, revealed this plan during her visit to inspect the 60 KiloWatts Mini-Grid Project in Kilankwa Community, Abuja.

The project is being implemented by the Rural Electrification Agency (REA) through NEP.

Rural power

Ms. Hyben noted that this would be the Bank’s first national electrification project in Nigeria, adding:

Impact of the Project on the national grid

She added that the Kilankwa project would assist the country in providing access to electricity to more people faster than it could have done by just extending the national grid, saying:

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The World Bank official also added that they considered the project because they believe that access to electricity by all was one of the most important goals to pursue by any country, urging that access to electricity, is important for the lives of rural Nigerians.

The Managing Director, of REA, Mr. Ahmad Salihijo, said that the project was currently serving about 300 households and businesses, he added:

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Nairametrics also reported that The World Bank said that Nigeria is projected to save up to $5.1 billion (N3.9 trillion) in 2023 alone after the removal of fuel subsidies and reforms of its foreign exchange market.

This was made known by the World Bank lead economist for Nigeria, Alex Sienaert, during a presentation at an event organized by the bank to assess the country’s economy in the last 6 months on Tuesday in Abuja, noting that savings from the reforms did not amount to a fiscal windfall.

Sienaert also said that the gains from these policies are expected to reach over N21 trillion between 2023 and 2025.

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