FG Maps Out Plans To Boost Power Sector investment For Economic Development

The Federal Government on Monday, in Abuja expressed its commitment to engage with relevant stakeholders to boost power sector investment for economic development.

A statement by Mr Mohammed Manga, Director, Information and Public Relations of Ministry of Finance said the Minister, Mr Wale Edun, disclosed this at a meeting with World Bank delegates.

The delegate was led by Dr Ndiamé Diop, Country Director for Nigeria and Ms Olu Verheijen, Special Adviser to the President on Energy.

The meeting was in a view to reaffirmed President Bola Tinubu Administration’s commitment to repositioning the economy for the future of Nigeria.

The minister said that the aimed of the meeting was to discuss innovative ways to drive Nigeria’s power sector forward.

He said that the meeting also focused on World Bank-supported initiatives, which involved the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Programme (DISREP).

He said that the initiatives’ objective was to improve power distribution and management systems to ensure economic growth of the country.

Edun said that key issues highlighted involved plans to roll out 3.5 million meters to enhance power distribution, 50 million dollars funding for state solar plant pilots and infrastructure upgrades.

“Also, 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.

“The collaboration also aimed at improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration,’’ he said.

Diop, however, expressed its commitment to work with the Federal Government toward achieving the goals for the benefit of all Nigerians.