The World Bank will provide $ 500 million in electricity assistance to Nigeria

The World Bank has approved $ 500 million to help Nigeria improve its electricity supply, a program that includes the development of electricity distribution companies.

In a statement, the World Bank said the subsidy would only apply to the private sector, which distributes electricity in Nigeria. According to the Bank, at least 85 million Nigerians do not have access to electricity, or 43 percent of the country's population. The figures show that Nigeria is currently at the forefront of the global power shortage deficit, which experts say is costing the country $ 26.2 billion, or 10 trillion naira a year.

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