Tinubu’s Govt Seeks Another $50 Million World Bank Loan for Solar Projects, Prepaid Meters, Others

The Federal Government of Nigeria is seeking a $50 million loan from the World Bank for its project, which is meant to set up a couple of solar plant pilot installations and upgrade infrastructure in many states to strengthen the power sector in the country.

This was made known during a meeting between the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and a delegation of the World Bank led by the Country Director, Dr. Ndiamé Diop, in Abuja on Monday.

Also present was the President’s Special Adviser on Energy, Ms. Olu Verheijen. The meeting focused on accelerating progress in Nigeria’s power sector.

According to a statement by Mohammed Manga, Director of Information and Public Relations, Ministry of Finance, “The initiative will strengthen plans to roll out 3.5 million prepaid metres to enhance power distribution.

“$50 million funding for state solar plant pilots and infrastructure upgrades, with 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, improving job creation, and alleviating poverty in line with the Renewed Hope Agenda of the present administration,” the statement said.

The programmes aim to ensure better distribution and management systems of power to drive national economic growth and development. Edun stated that the intervention will increase power distribution, spur economic growth, increase job creation, and reduce poverty.

However, Nigeria is notable for obtaining loans from multilateral institutions.

Edun added that the administration remained unwavering in its commitment to repositioning Nigeria’s economy. He expressed confidence in the prospect of the partnership concerning the power sector and further improvement of energy access nationwide.

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