The World Bank has again pledged to support Nigeria’s drive to boost the country’s power sector growth and service delivery.
The pledge emerged from a tripartite meeting between the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; a delegation of the World Bank led by the Country Director for Nigeria, Dr. Ndiamé Diop, and the Special Adviser to the President on Energy, Ms. Olu Verheijen, in Abuja.
Edun, who chaired the meeting said this was part of the government’s renewed effort to engage with relevant stakeholders towards boosting power sector investment as a major priority area to drive the country’s economic growth and development.
The Minister reiterated the present administration’s determination to reposition the economy for the future.
He said the meeting was held to discuss innovative ways to boost Nigeria’s power sector production capacity to support economic growth and development.
The meeting, he said, focused on World Bank-supported initiatives in the country’s power sector, namely the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at improving power distribution and management systems to ensure economic growth and development.
Key highlights from the meeting include included plans to roll out about 3.5 million meters to enhance power distribution; a $50 million funding for state solar plant pilots and infrastructure upgrades, and adoption of measures to support tariff frameworks, market reforms, and co-financing of the Transmission Company of Nigeria’s Performance Improvement Plan.
Edun said the collaboration with the World Bank and other partners were aimed 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
The Minister and the World Bank delegation expressed their commitment to working together towards achieving set goals for the benefit of all Nigerians.
Meanwhile, the French Agence Française de Développement (AFD) has assured of the country’s continued support to drive Nigeria’s economic growth.
The assurance came during a meeting between Edun and a high-level delegation from the AFD led by the Executive Director of Geographies, Philippe Orliange, in Abuja.
During the meeting, the AFD team disclosed its visit was part of activities to commemorate 15 years of its operations in Nigeria.
The visit, they said, was aimed at ensuring the alignment between AFD’s upcoming programmes and the present administration’s priorities.
Edun acknowledged the successful partnership between the Nigerian government and the AFD, highlighting challenges and successes of ongoing reforms.
He underlined short-term priorities to include accelerating targeted benefits to the poor and vulnerable, addressing food security and nutrition challenges, and also discussing infrastructure, energy, manufacturing, and security.
The Minister said the meeting demonstrated the strong partnership between Nigeria and AFD which was committed to driving economic growth and sustainable development.
Edun and the AFD team used the meeting to explore opportunities for collaboration, particularly ensuring that AFD’s programmes aligned with Nigeria’s priorities, promoting mutual prosperity and development.
“This visit marks a significant milestone in Nigeria’s partnership with AFD. We look forward to continued collaboration and mutual support in achieving our economic goals”, Edun said
The visit reaffirmed the commitment of both parties to work together towards a more prosperous and sustainable future for Nigeria.
