The unreliable power supply in Nigeria is causing huge economic losses, estimated at 10.1 trillion naira yearly, the World Bank has said.
In a new report, the World Bank, noted that transition from a publicly-owned to largely privately-owned power market, which began in 2013, did not bring the expected outcomes.
The report said this had led to a lack of trust between key stakeholders and among the general public with respect to power sector improvement.
It said a credible reform process would require an integrated approach of resolving regulatory and policy failures, and establishing a credible and fiscally sustainable financing plan by the Federal Government to ensure full funding for tariff shortfalls, among other measures. The World Bank described the power sector, particularly the distribution segment, as operationally inefficient with high losses.
