FG, World Bank Plans 3.5m Electricity Meters Roll out

The Federal Government Monday, said it has had discussions with the World Bank on plans to roll out 3.5 million electricity meters to support the Nigerian Electricity Supply Industry, NESI.

A statement by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga said the government at a meeting with a delegation from the World Bank reaffirmed its commitment to driving economic growth and development through a strategic partnership with the World Bank to boost power sector investment.

At the 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 Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, reaffirmed President Bola Ahmed 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”, the statement added.

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

Edun informed that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation, PSRO, and the Distribution Sector Recovery Programme, DISREP, aimed at improving power distribution and management systems in order to ensure economic growth and development in the nation.

The Ministry listed key highlights from the meeting to include: Plans to roll out 3.5 million meters to enhance power distribution; $50 million funding for state solar plant pilots and infrastructure upgrades; Measures to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan.

The government said the 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”.