World Bank approves $486mn credit to Nigerian power grid work

ABUJA: The World Bank has approved a $486 million credit facility to Nigeria for electricity grid improvements, the lender said on Friday.

"The investments under the Nigeria Electricity Transmission Project will increase the power transfer capacity of the transmission network and enable distribution companies to supply consumers with additional power," the World Bank said.

Nigeria's dilapidated power sector is often criticised by economists for holding back the country's economic growth. Businesses and households are subject to frequent blackouts, and many depend on their own generators that are expensive to run.