The Federal Government has sought the assistance of the World Bank for $50 million to support state governments in the installation of solar plants and infrastructure upgrades.
The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, advanced conversations on the initiative when he met with a World Bank delegation in Abuja on Monday.
The team was led by the Country Director for Nigeria, Dr Ndiamé Diop, while the Special Adviser to the President on Energy, Ms Olu Verheijen, was in attendance.
The initiative will strengthen plans to roll out 3.5 million meters to enhance power distribution, provide $50 million in funding for state solar plant pilots and infrastructure upgrades, and 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, improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration.
