Federal Govt, World Bank Plan $50m Funding For Solar Plants In States

The Nigerian government is planning to kickstart a $50 million power project for the building of solar plants in the pilot and infrastructure upgrades across the states.

The plan was disclosed yesterday at a meeting between the minister of finance and coordinating minister of the economy, Mr Wale Edun and the World Bank delegation, led by country director for Nigeria, Dr. Ndiamé Diop and special adviser to the President on energy, Olu Verheijen in the minister’s office in Abuja.

The minister said the meeting was part of the renewed determination to drive economic growth and development in the country of the current administration, according to a statement that was issued by the director of information in the ministry, Mohammed Manga.

Edun reaffirmed President Bola Ahmed Tinubu Administration’s commitment to repositioning the economy for the future of Nigeria. He stated that the meeting was held  to discuss innovative ways to drive Nigeria’s power sector forward.

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.

According to the statement, the federal government also plans to roll out 3.5 million meters to enhance power distribution, and unveiled measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s performance improvement plan.

This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access,  promoting economic growth and development, improving job creation as well as poverty alleviation in line with the Renewed Hope agenda of the present administration.

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