In its renewed determination to drive economic growth and development in the country, the Federal Government continues to engage with relevant stakeholders to prioritize investment in the power sector as a key area for achieving its objectives.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, chaired a meeting with World Bank delegates led by Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, in his office on Monday.
He reaffirmed the commitment of the Bola Ahmed Tinubu Administration to repositioning Nigeria’s economy for the future.
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The meeting focused on innovative strategies to advance Nigeria’s power sector. Mr. Edun highlighted World Bank-supported initiatives such as the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at enhancing power distribution and management systems to foster economic growth and development.
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According to Mohammed Manga, Director of Information and Public Relations, key outcomes of the meeting include plans to deploy 3.5 million meters to improve power distribution, $50 million in 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.
This collaboration aims to strengthen Nigeria’s power sector, improve energy access, promote economic growth, create jobs, and alleviate poverty in alignment with the Renewed Hope Agenda of the current administration.
Both the Minister and World Bank delegates expressed their commitment to working together to achieve these goals for the benefit of all Nigerians.”r investment Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
