A capital market operator, Mr Godwin Anono, says the World Bank loan of $750million to fix energy challenges in the country will unlock the country’s economic growth.
Anono, President Standard Shareholders Association of Nigeria, told newsmen in Lagos on Tuesday that enhancing the country’s energy supplies through the loan was crucial for development.
“Having regular power supplies is the backbone for the nation’s quest for industralisation of its economy.
“A regular energy supply will enable domestic manufacturers to produce at optimum capacity,” he said.
Anono said that accessing such loans to resuscitate the energy sector was relevant because of the slow growth being witnessed.
“The current economic realities caused by the health pandemic has led to decline of government’s revenue, and this may have made the request for the loan almost inevitable for the power sector,” he said.
Newsmen report that the World Bank has ratified a $750 million energy loan to Nigeria.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, had told reporters on June 24 that the loan given to Nigeria was aimed at solving the electricity problem in the country.
According to the world bank’s official, the loan will also help to revive the economy, especially the private sector.
The move will help in lifting 100 million Nigerians out of poverty with investments in the energy sector as well as in the production and service sectors.