World Bank earmarks $5bn for electricity access in Nigeria, others

The World Bank’s Managing Director of Operations, Anna Bjerde, has disclosed that the bank is currently working with the federal government to ensure that 70 million underserved Nigerians have full access to electricity by the year 2030.

Bjerde made the disclosure in Abuja during the West and Central African Ministerial Roundtable where she also said the World Bank is focused on macroeconomic reforms as well as Nigeria’s social safety net.

Disclosing that over 85m Nigerians lack access to electricity, the bank stated that it is providing a $5bn financing facility to Nigeria and other African countries in the next six years.

She noted that the World Bank has 30 projects under implementation and her visit to Nigeria serves as an opportunity to monitor progress as it partners with the federal government in areas such as the energy sector and digitalization.

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Her words: “We want to work hand in hand with the West and Central African ministers to get achievable results and the World Bank’s goal is to give priority to financing and your voice really matters

“You have come together under the Abidjan declaration and Dakar call for action to drive growth in Africa but without basic economic indices in place, it will be difficult.

“In Nigeria, our host for instance, we have 85 million people lacking access to electricity, however, we intend to work with the federal government to improve access to electricity for 70 million unserved and underserved rural Nigerians under the West African Power Pool (WAPP).

“We intend to also offer such financing for electricity access to about 100 million West African population in the next six years with an estimated $5 billion financing and also accelerate the use of cash transfer systems to reach more than 50 million people,” she said.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun said, “The World Bank has been playing a critical role in energy sector, macroeconomic and social sector support.

“The direct cash payments to the poorest and the most vulnerable, which is a major part of the social investment and welfare program of government’s policy to cushion the effect of ongoing tough reforms, is partly funded partly by the World Bank.”