Power reform: Nigeria gets N 1.26tr World Bank loan

Ban Ki-moonBy Etuka Sunday

The World Bank has earmarked a total of US$7 billion (equivalent of N1.26 trillion) for the next four years to support Nigeria’s Power Sector Reform, according to a statement by Chigbo Anichebe, Head, Public Communications, Bureau of Public Enterprises (BPE).

The Bank’s Country Energy Task Team Leader for Nigeria, Mr. Eric Fernstrom was quoted to have made the disclosure at a capacity building programme on Post-Privatization Monitoring for the Power Sector, jointly organized by the World Bank and the BPE.

Fernstrom said the World Bank has just pledged $1.75 billion (N 315 bn), being part of the first tranche representing 25 percent of a total of US$7 billion earmarked for Nigeria in the next four years.

He noted that the Bank was greatly encouraged to offer the additional assistance to ensure that the reform objectives were realized as a result of the transparency exhibited in the transaction process and the robust post reform measures put in place by the NCP/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.

The workshop was also meant to enable participants analyze performance targets using relevant tools as well as expose them to strategies  for effective engagement and collaboration with relevant stakeholders.

The gathering attracted participants from critical sector stakeholders, including the Nigerian Electricity Regulatory Commission (NERC), Presidential Task Force on Power (PTFP), Transmission Company of Nigeria (TCN), the Office of the Vice President, among others.

Reviewing the programme, the Director-General of the BPE, Mr. Benjamin Dikki, ranked it very high in value addition and stated that it has greatly increased the capacity of the participants to effectively monitor power companies. He thanked the World Bank for sponsoring the programme and for its sustained support to the Bureau of Public Enterprises over the years.

The DG was represented by the Director of Post Privatization Monitoring Department, Mr. Ibrahim Kashim.

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