FG Plans $50Mn Funding for State Solar Plant Pilots and Electricity Infrastructure Upgrades
By Patience Ikpeme
In a bid to address the persistent power issues in Nigeria, the federal government has announced plans to provide $50 million in funding for state solar plant pilots and electricity infrastructure upgrades.
A statement from the federal ministry of finance said this move is part of the government’s efforts to boost the power sector and ensure uninterrupted power supply across the country.
To achieve this, the government is also set to distribute 3.5 million meters to enhance power distribution, as well as implement measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
Recognizing the urgency of the matter, the federal government has engaged with relevant stakeholders to prioritize power sector investment. This objective was highlighted during a meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, with World Bank delegates. Dr. Ndiamé Diop, Country Director for Nigeria at the World Bank, and Ms. Olu Verheijen, Special Adviser to the President on Energy, were among the attendees.
During the meeting, Mr. Edun emphasized the administration’s commitment to repositioning Nigeria’s economy for the future. He stated that the purpose of the gathering was to explore innovative ways to propel the power sector forward. Discussions centered around World Bank-supported initiatives such as the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP). These programs aim to improve power distribution and management systems, ultimately promoting economic growth and development in the country.
The collaboration between the federal government and the World Bank aims to strengthen Nigeria’s power sector, provide greater energy access, stimulate economic growth, generate employment opportunities, and alleviate poverty. These efforts align with the Renewed Hope Agenda of the present administration.
Both the Minister and World Bank delegates expressed their commitment to working together to achieve these goals for the benefit of all Nigerians. The funding and initiatives discussed in the meeting represent a significant step towards resolving the power crisis in Nigeria and revitalizing the nation’s economy.
