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Home Economy FG moves to boost power sector investment, rolls out strategies
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FG moves to boost power sector investment, rolls out strategies

By
Mohammed Manga
-
July 15, 2024
Wale Edun

FG moves to boost power sector investment, rolls out strategies

In its renewed determination to drive economic growth and development in the country, the Federal Government has continued to engage with relevant stakeholders with a view to boosting power sector investment as a major priority area for achieving the desired objective.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing a meeting with World Bank delegates, led by Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, in his office in Abuja, today, reaffirmed President Bola Ahmed Tinubu Administration’s commitment to repositioning the economy for the future of Nigeria

He stated that the meeting was held  to discuss innovative ways to drive Nigeria’s power sector forward

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HM Edun informed  that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at improving power distribution and management systems in order to ensure economic growth and development in the nation

Key highlights from the meeting include:

– Plans to roll out 3.5 million meters to enhance power distribution

– $50 million funding for state solar plant pilots and infrastructure upgrades

– 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

The Honourable Minister and World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians

Signed

Mohammed Manga, FCAI

Director, Information and Public Relations

July 15, 2024

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Police Bust Kidnapping, Cult Gangs, Arrest 8 Suspects, Recover WeaponsNDLEA Destroys Cannabis Farms, Seizes 345kg of Drugs, Arrests 37 Suspects in EdoGroup Condemns Amaechi’s Comment as Inciteful, DangerousScores of Terrorists Eliminated as NAF Bombs Boko Haram Camps in Mandara MountainsTroops Foil Coordinated Bandits Attacks, Rescue Kidnap Victims in KatsinaNAF Airstrikes Crush Terrorist Camps in Mandara Mountains, Kill Senior JAS FightersAt BRICS Summits, Tinubu Pushes for Equality in Global Finance, Health SystemsTroops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, SeparatistsThe First Shot and the Long March: Reflections on 162 Years of the Nigerian Army By Olayemi Esan47 Years of Excellence: Honoring Asiwaju Awomolo, SANDefection Can’t Erase Malami’s Legacy of Impunity, Watchdog Group WarnsAppeal Natasha Akpoti Reinstatement Ruling, Women Groups Urge SenateBREAKING: Olubadan of Ibadan Dies After One Year on the Throne
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