To salvage Nigeria’s troubled power sector, the Federal Government has disclosed that it is working with the World Bank to secure a $500 million facility aimed at resetting the distribution companies (DisCos) and improving electricity delivery nationwide.
Director-General of the Bureau of Public Enterprises (BPE), Ayodeji Ariyo Gbeleyi, who spoke to newsmen in Abuja, said the transaction has two components, Investment Project Financing (IPF) and a Programme-for-Results scheme.
“Under the IPF investment project financing, there will be a total of 3.2 million meters to be distributed to customers across the country.
“About 330 of those meters have been shipped. One hundred and sixty thousand, three hundred meters have been delivered, and 160,700 are currently nearing completion”, he explained.
He added that additional shipments are expected before the end of the year. So, under Phase One of what we refer to as the international competitive bidding, we have received 330 additional consignments to come in between now and the middle of next year.
There is the national competitive bid, which is also the local content component of this programme, to deliver 217,000 meters from local manufacturing. We expect that the project will also be ready.
