The World Bank has ratified a $750 million energy loan to Nigeria where almost half of the population does not have access to the power grid, the World Bank Country Director for Nigeria told reporters on Wednesday.

“The $750 million loan given to Nigeria aims to solve the electricity problem in the country and revive the economy, especially the private sector,” director Shubham Chaudhuri said.

The move aims to lift 100 million Nigerians out of poverty with investments in the energy sector as well as in the production and service sector.

The cost of power shortages in Nigeria is estimated at around $28 billion, Chaudhuri said.

According to the Nigerian Clean Technology Hub, approximately 93 million people in the country with a population of 200 million face power shortages.

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