FG Partners with World Bank to Revitalize Nigeria’s Power Sector.

By Daniel Peters in Abuja.

The Federal Government has prioritized boosting investment in the power sector in a renewed and concerted effort to stimulate economic growth and development in Nigeria,
Our correspondent reports that this initiative underscores the commitment of Tinubu-led administration to positioning the economy for sustained progress.

During a crucial meeting chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, in Abuja,discussions centered on strategic collaborations with the World Bank. Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, led the World Bank delegation in exploring innovative approaches to propel Nigeria’s power sector forward.

Key outcomes of the meeting include plans to deploy 3.5 million meters to enhance power distribution efficiency, alongside a $50 million investment earmarked for state solar plant pilots and critical infrastructure upgrades. Additionally, initiatives such as the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP) were highlighted for their pivotal role in improving power distribution and management systems.

Mr. Edun emphasized that these efforts were aligned with the administration’s Renewed Hope Agenda, focusing on bolstering the power sector, expanding energy access, and fostering economic growth.

The collaboration,he said ,was aimed at creating employment opportunities and alleviate poverty, reflecting a comprehensive strategy to advance Nigeria’s socio-economic landscape.

Both the Minister and the World Bank delegates affirmed their commitment to a collaborative approach, for shared goal of achieving sustainable development outcomes that benefit all Nigerians.
Edited by Dada Ahmed.