Anono, President, Standard Shareholders Association of Nigeria, told the News Agency of Nigeria in Lagos on Tuesday that enhancing the country’s energy supplies through the loan was crucial for development.
“ Having regular power supplies is the backbone for the nation’s quest for industralisation of its economy.
“ A regular energy supply will enable domestic manufacturers to produce at optimum capacity,” he said.
Anono said that accessing such loans to resuscitate the energy sector was relevant because of the slow growth being witnessed.
“ The current economic realities caused by the health pandemic has led to decline of government’s revenue, and this may have made the request for the loan almost inevitable for the power sector,” he said.
NAN reports that the World Bank has ratified a $750 million energy loan to Nigeria.
The World Bank Country Director for Nigeria, Shubham Chaudhuri, had told reporters on June 24 that the loan given to Nigeria was aimed at solving the electricity problem in the country.
According to the world bank’s official, the loan will also help to revive the economy, especially the private sector.
The move will help in lifting 100 million Nigerians out of poverty with investments in the energy sector as well as in the production and service sectors.
Edited By: Vivian Ihechu/Oluwole Sogunle (NAN)
Akwa Ibom to implement flood-control project across 18 communities House seeks immediate demarcation of boundary among warring communities in Nasarawa, Benue Independence Day: Gbajabimila, Wase, Elumelu congratulate Nigerians 2021 budget: Reps approve N13.08 trn expenditures, $40 oil price benchmark Expert urges schools to embrace ICT as new method of teaching Independence: Plateau speaker urges Nigerians to defend nation’s unity [email protected]: Gov. Bello says insecurity threat to growth, development Nigeria @ 60: PDP urges Buhari to reposition government 2023: Umahi denies alleged rift with NASS members from Ebonyi Nigeria @ 60: 120 eminent Nigerian elders, leaders for National Dialogue — Utomi Group says community policing key to curbing insecurity Oyetola salutes Nigeria at 60, sues for peace, unity Poultry association tasks NLC on permanent employment of workers by employers Nigeria grants approval for Emirates Airlines to operate Group launches N5m interest-free loan for members [email protected]: We must build a nation of one destiny – Mark FG distribute palliatives to 47,020 vulnerable households in Enugu N/ East: DPR tasks owners of filling stations, gas plants on safety Nigeria @ 60: Progressive Governors reaffirm commitment to democracy, development Army Court Marshal dismisses soldier for defiling minor Kwara schools to resume Oct. 5, tertiary institutions Oct. 12 Tinubu urges common purpose, strong bond 2 cyclists die in BRT accident in Lagos Nigeria @ 60: Gov. Bello urges Nigerians to promote national unity United States ship: USS HWW visits Nigeria, conducts exercise with NN COVID-19: Osun govt. orders full reopening of markets, worship centres Women empowerment, Akeredolu’s utmost priority — Wife Senate President congratulates PDP on victory in Edo guber election KEDCO reverts to old electricity tariff Commission urges states to implement Fiscal Responsibility Act, 2007 Nigeria @ 60: Akeredolu felicitates with Nigerians, calls for unity Anniversary: APC urges Nigerians to reflect on nation’s history, show more love Nigeria @60: Law students Association tasks youths on leadership [email protected]: Let unity of Nigeria remain in our DNA – Lagos Speaker 8 companies so far demonstrate e-voting machines to INEC — Okoye Fix federal roads within your region – Journalists urge south-east governors Ondo poll: INEC appeals to religious leaders on peaceful election, support Nigeria @ 60: Orphanage urges FG, NGOs, to build skill acquisition centres in communities Nigeria @ 60: It is time for self examination, says Secondus Orji Kalu preaches peace, unity as Nigeria marks 60th anniversary Students’ group reject call for secession, Oduduwa Republic S/Africa congratulates [email protected], extols her contribution to peace NSE market capitalisation ends September bullish, crosses N14trn mark Independence Day: Police Command warns against rallies in Lagos Anambra gets task force on illegal petrol business Senate President urges Plateau CP to provide security for traditional rulers Lai Mohammed eulogises outgoing Perm Sec. New NSCDC commandant assumes duty in Lagos State Nigeria at 60: Prioritise citizens’ welfare – Okei-Odumakin tells govts [email protected]: Experts advise government to consolidate on gains of independence