The Nigerian government has sought the assistance of the World Bank to provide funding worth $50 million to support state governments in the installation of solar plant pilots and infrastructure upgrades. The funding is aimed at driving the country’s power sector forward and promoting economic growth and development.
According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the meeting with the World Bank delegation was focused on innovative ways to drive Nigeria’s power sector forward. The minister noted that the program will ensure the rollout of 3.5 million prepaid meters to enhance power distribution and support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
The initiative is expected to strengthen plans to roll out 3.5 million prepaid meters to enhance power distribution, promote energy access, and support economic growth and development. The funding will also support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.
The government’s commitment to repositioning the nation’s economy was reaffirmed by Edun, who emphasized that this partnership is a significant step towards achieving this goal. The World Bank, a leading international financial institution dedicated to reducing global poverty, provides loans and grants to developing countries for a wide range of projects, including infrastructure development, education, healthcare, and environmental sustainability.
Nigeria has been a major recipient of fresh loans from multilateral lenders, borrowing $2.7 billion in 2023 and $2.9 billion in 2022. This new funding is expected to have a positive impact on the country’s power sector, driving economic growth, creating jobs, and reducing poverty.
The meeting was attended by delegates from both sides, including the Special Adviser to the President on Energy, Ms. Olu Verheijen. The team led by Country Director for Nigeria, Dr. Ndiamé Diop also participated in the meeting.
The renewed partnership between Nigeria and the World Bank aims to promote energy access, improve job creation, alleviate poverty, and drive economic growth in line with the Renewed Hope Agenda of the present administration.
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