The Federal Government of Nigeria is seeking a $50 million loan from the World Bank to support state governments in installing solar plant pilots and upgrading infrastructure.
Minister of Finance Wale Edun discussed this initiative with a World Bank delegation led by Nigeria Country Director Dr. Ndiamé Diop on Monday in Abuja. Special Adviser to the President on Energy, Ms. Olu Verheijen, also attended the meeting.
The meeting focused on ways to improve Nigeria’s power sector with support from the World Bank. Key initiatives include the Power Sector Recovery Operation and the Distribution Sector Recovery Programme, which aim to enhance power distribution and management systems.
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Edun highlighted the program’s goal to roll out 3.5 million prepaid meters to boost power distribution.
“This initiative will support tariff frameworks, market reforms, and co-finance the Transmission Company of Nigeria’s Performance Improvement Plan,” he said.
A statement from Mohammed Manga, Director of Information and Public Relations at the Finance Ministry, emphasized the government’s commitment to economic growth through power sector investments.
“The $50 million funding will enhance energy access, promote economic growth, create jobs, and alleviate poverty,” the statement read.