The Federal Government has sought the assistance of the World Bank for $50m 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, advanced conversations on the initiative when he met with a World Bank delegation in Abuja on Monday.
The team was led by the Country Director for Nigeria, Ndiamé Diop, while the Special Adviser to the President on Energy, 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.
