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
