To respond adequately to the current challenges threatening Nigeria’s electricity sector, the federal government would in consultation with the World Bank, launch a power sector recovery plan soon
Though no precise date or financial size of the recovery plan has been disclosed, it was however gathered that the decision to launch an electricity sector recovery plan was shared with stakeholders during a recent exclusive meeting the government organised. The meeting was in collaboration with the World Bank to discuss the challenges of the country’s electricity sector.
The recovery plan was originated to turnaround the sector by helping improve its governance, reduce electricity losses both technical and commercial, and guarantee efficient sector investments. According to sources, the government and World Bank agreed at the meeting that the power sector needed to urgently restore its financial tolerance to attract significant private investments. The World Bank, it was learnt, would in this regard, galvanise private and public investments through its various groups.