Power sector reform yields $2.4b investment inflow, says World Bank

Decision by the government to implement a power sector reform has induced foreign direct investment inflow worth over $2.4 billion, the World Bank said yesterday.

Of the investment, the World Bank alone accounted for over $1 billion. More intervention is underway as the Bretton Woods institution has placed Nigeria on its priority list on account of the reform.

The disclosure was made in Abuja by Ms. Eme Essien Lore, Country Manager of the International Finance Corporation (IFC), the private-sector arm of the Bank, at the opening of the sixth edition of the Powering Africa Nigeria Conference organised by EnergyNet, an energy sector investment promoting firm.

Lore said: “This marks six years of the power sector roadmap initiative. It was the boldest step by any administration in Nigeria. This conference gives us another opportunity to take stock and evaluate actions taken so far, to ensure objectives of the reform have not derailed.

“I am glad to say that from that bold decision to reform the sector, some achievements have been recorded.

“As a result of that reform, the World Bank’s exposure in the sector alone exceeds $1 billion, and we are ready to do more because Nigeria’s power sector remains on a very high priority list for the World Bank.”