The Federal Government has sought the assistance of the World Bank to provide funding worth $50 million to support state governments in installing solar plant pilots and infrastructure upgrades.
According to a statement signed by Mohammed Manga, Director of Information and Public Relations, Finance Ministry, the Minister of Finance, Wale Edun, met with a World Bank delegate led by Dr. Ndiamé Diop, Country Director for Nigeria, to discuss innovative ways to drive Nigeria’s power sector forward.
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.
The programme will ensure the rollout of 3.5 million prepaid metres to enhance power distribution, support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
The collaboration aims to strengthen Nigeria’s power sector, enhance energy access, promote economic growth and development, improve job creation, and poverty alleviation in line with the Renewed Hope Agenda of the present administration.
The World Bank has been a prominent international financial institution dedicated to reducing global poverty, providing loans and grants to developing countries for various projects, including infrastructure development, education, healthcare, and environmental sustainability.
