Tuesday, 23 December 2014

Good Times!! World Bank To Inject N322billion Into Nigeria’s Power Sector

The World Bank has pledged to support the Nigeria Power Sector Reform with $1.75 billion (N322,962,500,000)
According to the Bureau of Public Enterprises, the monetary support will be spread out over the next four years.
The development was communicated through a statement issued by Head of Public Communications at BPE, Mr. Chigbo Anichebe in Abuja on Monday, December 22.

Anichebe said World Bank’s Country Energy Task Team Leader for Nigeria, Mr. Eric Fernstrom, disclosed this at a capacity building programme on Post Privatisation Monitoring for the Power Sector jointly organized by the bank and BPE.
According to Fernstrom, the $1.75bn was 25 per cent of a total of $7bn earmarked for Nigeria in the next four years.
He added that the bank was greatly encouraged to offer the additional assistance to ensure that the reform objectives were realised as a result of the transparency exhibited in the transaction process and the robust post reform measures put in place by BPE.
The two-day workshop held at Ibom Golf Resort, Uyo, Akwa Ibom State, sought to expose participants to the techniques, methods and information sources for effective Post Privatization Monitoring and Evaluation of the PHCN successor power companies.

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