The World Bank Group has avowed its support for the Nigerian Power Sector Recovery Program noting that there is a need for strong inter-agency coordination to ensure the plan attains its aims.

The World Bank Group congratulated the Government on its commitment to the Recovery Program, stressing the critical importance of the power sector for Nigeria’s development and for restoring macroeconomic resilience and growth.

World Bank’s Country Director for Nigeria, Rachid Benmessaoud made this declaration during  a meeting with the Federal Government of Nigeria today to discuss World Bank Group support for the Government’s Power Sector Recovery Program, which was approved by the Federal Executive Council of Nigeria on March 22, 2017.

Benmessaoud said “The World Bank Group is committed to supporting the implementation of the Government’s Power Sector Recovery Program to re-establish financial sustainability in the power sector.”

The meeting resulted in agreement on the next steps in developing the World Bank Group’s support, recognizing the need for concerted efforts to accelerate its preparation.

They  discussed the action plan set out in the Program, stressing the need for strong interagency coordination to ensure that it attains its aims.

“Controlling the cost of electricity supply is a critical element of the Recovery Program that will require close attention to prioritizing investments based on least cost power development investment planning principles,” said Riccardo Puliti, World Bank Senior Director for Energy and Extractive Industries.

“A turnaround of the power sector will require the expertise and financing of the private sector,” said Bernard Sheahan, Global Director for Infrastructure and Natural Resources at the International Finance Corporation.

 “This would require continuous improvement in the investment climate in Nigeria and strong communications among stakeholders of the sector reform plan during its implementation.”

“A full range of instruments will be deployed to help the Government mobilize investments directly from the private sector and through private sector guarantees,” said Sarvesh Suri, Director of Operations at the Multilateral Investment Guarantee Agency.

According to reports from Nigerian Television Authority, the World Bank Group reaffirmed its strong partnership with the Government of Nigeria in addressing the challenges in power sector, that include bringing its experience in developing financing solutions and attracting private sector capital in Nigeria.