FG seeks World Bank’s Support for $50m solar power project

 

The Federal Government has requested $50 million in funding from the World Bank to support state governments in the installation of solar plants and infrastructure upgrades.

The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, made this appeal on Monday when he met with a World Bank delegation in Abuja.

The team 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.

A statement signed by the finance ministry’s Director of Information and Public Relations, Mohammed Manga, said the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.

The minister said 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.

Edun said the programme would ensure the rollout of 3.5 million meters 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, “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 meters 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.”

He further reaffirmed President Bola Tinubu’s administration’s commitment to repositioning the economy for the future of Nigeria.

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.