The Federation Accounts Allocation Committee (FAAC) has mobilised N700 billion to implement the Presidential Metering Initiative, a key effort aimed at bridging Nigeria’s long-standing electricity metering gap.
The funding complements the World Bank’s $500 million Distribution Sector Recovery Programme (DISREP), which will add 3.45 million meters across the country.
Speaking in Abuja at the signing of a 30-year concession agreement between Quaint Energy and the Ministry of Power for the 6MW Ikere Gorge and 2MW Omi-Kampe Hydro projects in Oyo and Kogi states, Minister of Power, Adebayo Adelabu, noted that the government’s push for full commercialisation of the power sector increased revenue by 70% in 2024 and reduced government liabilities by N700 billion.
He said: “Nigeria’s energy landscape is rapidly evolving, and opportunities for investment abound across the power sector value chain. Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation.
“The Ministry of Power stands ready to work with credible investors to deliver impactful projects that improve lives and strengthen our economy.”
