The federal government, in collaboration with the World Bank, is set to distribute 3.5 million meters to improve Nigeria’s power distribution system.
In a statement issued on Monday by Mohammed Manga, the director of information and public relations at the Ministry of Finance, this initiative is designed to spur economic growth and development in the country.
Manga explained that during a meeting in Abuja, chaired by Finance Minister Wale Edun and attended by World Bank delegates led by Ndiame Diop, the country director for Nigeria, and Olu Verheijen, special adviser to the president on energy, the administration reaffirmed its commitment to repositioning Nigeria’s economy.
“In a renewed determination to drive economic growth and development, the federal government has continued to engage with relevant stakeholders to boost power sector investment, prioritizing it as a key area for achieving this objective,” Manga stated.
He added that the meeting focused on discussing innovative strategies to advance Nigeria’s power sector.
The discussion centered on World Bank-supported initiatives, such as the power sector recovery operation (PSRO) and the distribution sector recovery program (DISREP), which aim to enhance power distribution and management systems to ensure economic growth and development.
Key points from the meeting included plans to roll out 3.5 million meters to enhance power distribution, $50 million in funding for state solar plant pilots and infrastructure upgrades, and measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
Manga noted that this collaboration seeks to strengthen Nigeria’s power sector, enhance energy access, promote economic growth, improve job creation, and alleviate poverty, aligning with the current administration’s renewed hope agenda.
Both the minister and World Bank delegates expressed their commitment to working together to achieve these goals for the benefit of Nigerians.
