World Bank reaffirms commitment to Nigeria’s power sector recovery plan

The World Bank Group has reaffirmed its commitment to support the implementation of the Government’s power sector Recovery Plan to re-establish financial sustainability in Nigeria power sector.

Rachid Benmessaoud, World Bank Country Director for Nigeria disclosed this in a consultation meeting with the Federal government of Nigeria, stating that the World bank is committed to provide support for the implementation of the Government’s power Sector Recovery Program which was approved by the Federal Executive Council of Nigeria on March.

“The World Bank Group is committed to supporting the implementation of the Government’s Power Sector Recovery Program to re-establish financial sustainability in the power sector” a press statement released in Abuja by the senior communications officer, from the Wolrd Bank Nigeria office, Olufunke Olofun, quoted Benmessaoud as saying.

The power sector recovery plan which was approved in March this year, comprises of pet policy actions, operational and financial interventions that needs to be carried out by the government to improve transparency service delivery, performance of DISCOS, transmission company and the entire value chain in order to create a more viable power sector that is private sector driven.

The Power Sector Recovery Program also focuses on supporting implementation of power sector reform, reducing losses in the distribution companies, enhancing the sector’s financial viability, increasing access to electricity services, and mobilizing private sector investment.

The meeting resulted in agreement on the next steps in developing the World Bank Group’s support, recognizing the need for concerted efforts to accelerate its preparation which include bringing its experience in developing financing solutions and attracting private sector capital in Nigeria.

According to Benmessaoud, the current status of the power sector characterised by poor service and lack of liquidity is a source of macro-economic imbalances and a binding constraint to the revival of growth for the country.

 

Cynthia Egboboh, Abuja