Minister of Finance Announces Major Solar Initiative with World Bank

The Nigerian government is set to launch a $50 million pilot energy project to improve solar power generation and infrastructure in the state. The plan was announced yesterday during a meeting between the Minister of Finance and Coordinating Minister for Economic Affairs and a World Bank delegation led by its Director for Nigeria, Dr. Wale Edun, Ndiame Diop, and Special Assistant to the President on Energy, Mr. Olu Verheijen, at the Minister’s office in Abuja.

In a statement by the Ministry’s Director of Information, Mohammed Manga, the Minister said the meeting was part of the current government’s renewed resolve to drive the country’s economic growth and development. Mr. Edun reiterated the commitment of President Bola Ahmed Tinubu’s administration to reposition the economy for Nigeria’s future. He explained that the meeting was held to discuss innovative ways to advance Nigeria’s energy sector.

The meeting focused on World Bank-supported initiatives, including the Power Sector Reconstruction Operation (PSRO) and the Distribution Sector Reconstruction Programme (DISREP), aimed at improving electricity distribution and management systems to support economic growth and ensure the development of the country.
According to the statement, the Federal Government also plans to roll out 3.5 million meters to improve electricity distribution and revealed measures to support tariff and market reforms and co-finance the performance improvement plan of the Nigerian Electricity Transmission Company.
The collaboration is aimed at strengthening Nigeria’s power sector, improving access to energy, promoting economic growth and development, improving job creation, and alleviating poverty, in line with the current administration’s Renewed Hope agenda.
The Minister and the World Bank representative expressed their determination to work together to achieve these goals for the benefit of all Nigerians.