The World Bank has returned a damning report SIX years into the “Change” mantra of the present administration that, Nigeria now ranks bottom 171 out of 190 surveyed countries in the access of its citizens to public power supply.
85 million or 47 per cent of the citizens lacking access to power supply, the Nigerian economy loses $28 billion or N10.1 trillion or two per cent of its GDP, the report reveals.
The federal government might issue a rebuttal of such reports, but the World Bank is in a firm position to know the standing of every country in all areas of development, including power supply.
The Bretton-Woods institution granted Nigeria a $486 million facility for upgrade of the transmission sector which is still partially under the control of the Federal Government, as Nigeria currently has the potential to generate 12,522 megawatts of electricity for a population of over 200 million.
The Minister of Power, Mamman Saleh, projected that the country will generate 7,000 megawatts in 2021. Meanwhile, Nigeria is only able to evacuate about 4,000 megawatts of power. In order to save Nigeria from this shortfall in February this year, the World Bank also granted $500 million to the Federal Government to assist power distribution companies to make more power available to the people, especially through affordable metering and repair of their power delivery networks.