The Minister discussed the initiative on Monday in Abuja during a meeting with a World Bank delegation led by the Country Director for Nigeria, Dr. Ndiamé Diop, and the Special Adviser to the President on Energy, Ms. Olu Verheijen.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the President Bola Tinubu-led Nigerian government has enlisted the World Bank's support in securing $50million to support state governments in installation of metres and implementing pilot solar plants and upgrading infrastructure.
The Minister discussed the initiative on Monday in Abuja during a meeting with a World Bank delegation led by the Country Director for Nigeria, Dr. Ndiamé Diop, and the Special Adviser to the President on Energy, Ms. Olu Verheijen.
A statement issued by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, noted that the meeting aimed to explore innovative strategies for advancing Nigeria's power sector.
According to the statement, Edun highlighted World Bank-backed initiatives such as the Power Sector Recovery Operation and the Distribution Sector Recovery Programme.
The minister said the initiatives aimed to enhance power distribution and management systems to stimulate economic growth and development nationwide.
Edun emphasised that the programme includes plans to deploy 3.5 million prepaid meters to improve power distribution and support tariff frameworks, market reforms, and co-financing for the Transmission Company of Nigeria's Performance Improvement Plan.
He underscored the Nigerian government's commitment to driving economic growth by prioritizing investments in the power sector.
The minister outlined plans for the $50 million funding aimed at state solar plant pilots and infrastructure upgrades, alongside measures to bolster tariff frameworks, market reforms, and co-financing for the Transmission Company of Nigeria's Performance Improvement Plan.
He noted that the collaboration seeks to strengthen Nigeria's power sector, expand energy access, foster economic growth and development, enhance job creation, and alleviate poverty, aligning with the Renewed Hope Agenda of the current administration.
He also reiterated President Tinubu's administration's dedication to revitalising the nation's economy.
The Nigerian government and the World Bank affirmed their commitment to working together to achieve these objectives for the benefit of all Nigerians.