The Federal Government has met with the World Bank over a proposed $1bn loan for the country’s ailing power sector.
The Minister of Finance, Ms Zainab Ahmed, who led the Nigerian team to the meeting with the World Bank Power Sector team, said the reason for the high-level meeting was to discuss the way forward on the proposed $1bn Nigeria Performance- Based Loan.
“We met with the World Bank Power Sector team and discussed the way forward on the proposed $1bn Nigeria Performance -Based Loan. We agreed to bring relevant MDAs together to ensure that we advance this operation in a timely manner,” said the Nigerian Finance Minister.
“We will also discuss the country portfolio performance of Nigeria which currently stands at $9.8bn with the Nigerian Country team at the World Bank and how we could manage the portfolio for optimum results.”
With just over a half-a-decade since the power sector privation process was concluded, poor power supply continues to plague the country. Power generation crashed to 2,390.20 megawatts (MW) at the end of October last year, one of the lowest power supply figures recorded in recent times. Also, the number of idle power plants rose from seven to 15. Despite rising over January this year, power output dropped again to 3,456MW on February 24, 2019,