The officials of World Bank and that of the Federal Government of Nigeria on Wednesday agreed on steps required to be taken before presenting Nigeria’s request for $1bn for consideration by the executive board of the institution.
The World Bank, according to a statement issued after a meeting in Abuja, was committed in its support for the Federal Government’s Power Sector Recovery Programme upon which the fund would be spent.
Furthermore, the statement revealed the progression made in the implementation of the early actions of the Power Sector Recovery Program (PSRP).
On programme implementation, the World Bank is committed to assisting the Federal Government and intimately working with the Program Implementation Monitoring Team, which reports directly to the Vice President of Nigeria. It will also forge ahead the preparation of the proposed $1bn performance-based loan to back the programme.
In the statement, the responses of the different top government officials, together with the Vice President Yemi Osinbajo on the power sector programme was also quoted. The Vice President said, “This administration is fully committed to implementing the PSRP. We believe that the PSRP is the clearest pathway to reform the power sector and its success is contingent on a strict adherence to performance and programme implementation monitoring, which I will continue to give a priority from my office. It (PSRP) is an intervention that we have been working on in collaboration with the Federal Ministry of Power, Works and Housing, and the World Bank.”
According to the World Bank Country Director for Nigeria, Rachid Benmessaoud, “The bank recognises the critical importance of the power sector to private sector financing and investment, and we will continue supporting the government’s effort to implementing its Power Sector Recovery Programme, thereby de-risking the sector for much needed private capital.”