By Adedapo Adesanya
Nigeria is seeking the assistance of the World Bank for $50 million to support state governments in the installation of solar plants and infrastructure upgrades.
The Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun, led conversations on the initiative with a World Bank delegation in Abuja on Monday led by the new Country Director for Nigeria, Mr Ndiamé Diop with the Special Adviser to the President on Energy, Ms Olu Verheijen in attendance.
A statement, signed by the finance ministry’s Director of Information and Public Relations, Mohammed Manga, said the meeting was held as part of a broader effort to enhance power distribution and support market reforms aimed at fostering economic growth and development.
The minister said the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation and the Distribution Sector Recovery Programme, aimed at improving power distribution and management systems to ensure economic growth and development in the nation.
According to the statement, the Federal Government in its renewed determination to drive economic growth and development in the country has continued to engage with relevant stakeholders to boost power sector investment as a major priority area for achieving the desired objective.
The initiative will strengthen plans to roll out 3.5 million meters to enhance power distribution, while the government is implementing measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
“This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access, promoting economic growth and development, improving job creation, and alleviating poverty in line with the Renewed Hope Agenda of the present administration,” the statement read.
The statement further reaffirmed President Bola Tinubu’s administration’s commitment to repositioning the economy for the future of Nigeria adding that the minister and the World Bank delegates have expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians.