FG, World Bank plan to roll out 3.5m meters to enhance power distribution

The federal government and World Bank are planning to roll out 3.5 million meters to enhance Nigeria’s power distribution.

According to a statement on Monday issued by Mohammed Manga, director of information and public relations at the ministry of finance, this initiative aims to drive economic growth and development in the country.

Manga said Wale Edun, the minister of finance, while chairing a meeting in Abuja with World Bank delegates led by Ndiame Diop, country director for Nigeria, and Olu Verheijen, special adviser to the president on energy, reaffirmed President Bola Tinubu administration’s commitment to repositioning the economy for the future of Nigeria.

“In its renewed determination to drive economic growth and development in the country, the federal government has continued to engage with relevant stakeholders with a view to boosting power sector investment as a major priority area for achieving the desired objective,” Manga said.

He said the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.

The director said the meeting focused on World Bank-supported initiatives, including the power sector recovery operation (PSRO) and the distribution sector recovery program (DISREP), aimed at improving power distribution and management systems to ensure economic growth and development in the nation.

“Key highlights from the meeting include plans to roll out 3.5 million meters to enhance power distribution, $50 million funding for state solar plant pilots and infrastructure upgrades and measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan,” he said.

According to Manga, this collaboration aims at strengthening Nigeria’s power sector, enhancing energy access, promoting economic growth and development, improving job creation and poverty alleviation in line with the current administration’s renewed hope agenda.

Manga said the minister and World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of Nigerians.