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The Nigerian government is brightening it’s chances of drawing from the World Bank’s intervention support of $750 million support on mass metering and network improvement for its ailing power sector, as it has maintained a steady track in pushing for a credible market reforms in the power sector with some bold steps.
Some of the bold steps includes bi-annual minor tarrif review, considering exchange rate variables and inflation rates, as spelt out by the Electricity Power Sector Reform Act of 2005.
Already, the Nigerian Electricity Regulatory Commission NERC has increased the electricity tariff from two Naira to four Naira since January 1, 2021 to reflect increase in inflation and foreign exchange rates.