Business
FG Earmarks $50m On Funding State Solar Plant Pilots
The Federal Government has engaged stakeholders on earmarking $50 million for state solar plant pilots and crucial upgrades to the electricity infrastructure.
A statement from the Federal Ministry of Finance said the engagement was part of a broader effort to enhance power distribution and support market reforms aimed at fostering economic growth and development.
According to the statement, the plan includes the rollout of 3.5 million electricity meters to improve power distribution across the country.
The government is also implementing measures to support tariff frameworks and market reforms.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired a crucial meeting with World Bank delegates on Monday.
The delegation was led by the World Bank Country Director for Nigeria, Dr. Ndiamé Diop, and included Special Adviser to the President on Energy, Ms. Olu Verheijen.
Edun stated the administration’s dedication to repositioning the economy for the future, stressing that innovative strategies are essential to driving the power sector forward.
He noted the focus on World Bank-supported initiatives such as the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP).
These programmes, according to the statement, aim to improve power distribution and management systems, ensuring sustainable economic growth and development.
It continued that the collaboration with the World Bank is poised to strengthen Nigeria’s power sector, enhance energy access, and promote economic growth.
“By improving job creation and poverty alleviation, these efforts align with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration”, it stayed.
Both the Minister and World Bank delegates expressed their commitment to working together toward achieving these ambitious goals for the benefit of all Nigerians.
The engagement with relevant stakeholders is expected to catalyze further investments in the power sector, thereby driving the nation’s economic transformation.