The Federal Government has requested help from the World Bank for $50m to support state governments in the installation of solar plants and infrastructure upgrades.
Wale Edun, The Minister of Finance and the Coordinating Minister of the Economy made this request when he met with a World Bank delegation in Abuja.
The World Bank Delegation was led by the Country Director for Nigeria, Dr Ndiamé Diop, while the Special Adviser to the President on Energy, Ms Olu Verheijen, was in attendance.
In a statement signed by the finance ministry’s Director of Information and Public Relations, Mohammed Manga, he made clear that the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward
He further stated that 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.
In addressing what the programme is meant for Edun said the programme would ensure the rollout of 3.5 million metres to enhance power distribution and support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
The statement read this, “In its renewed determination to drive economic growth and development in the country, the Federal Government 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 metres to enhance power distribution, $50m funding for state solar plant pilots and infrastructure upgrades, while 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 as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration.”
President Bola Tinubu’s administration’s commitment to repositioning the economy for the future of Nigeria was reaffirmed.
The statement added that the minister and the World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians.
The World Bank, a prominent international financial institution dedicated to reducing global poverty, provides loans and grants to developing countries for a wide range of projects, including infrastructure development, education, healthcare, and environmental sustainability.
Nigeria has been a top recipient of fresh loans from multilateral lenders, borrowing $2.7bn in 2023 from about $2.9bn released to the country in 2022.
