World Bank Begins Nigeria’s $500m Power Project
The World Bank has begun preparations for the $500m Nigerian Electricity Distribution Improvement Project.
The bank had done a fact-finding mission in the distribution sub-sector of the industry to measure how it could aid service delivery by the distributors.
The global finance house had met with officials of the Federal Ministry of Power, Works and Housing and other operators in the sector as regards the development.
“The World Bank conducted a fact-finding mission that would foster project development for the distribution sub-sector support,” the PRSP stated.
“World Bank representatives met with stakeholders from the Ministry of Power, Works and Housing, NERC, Ministry of Finance and Bureau of Public Enterprises, in addition to private sector operatives, Discos and commercial bank representatives.
“The NEDIP is expected to contribute to the operationalisation of the distribution segment under the PSRP.”
In addition, it noted that, “The World Bank has approved a credit of $486m for Nigeria’s electricity transmission substations’ rehabilitation.
“This is a part of the financial support aimed at achieving a viable power sector through the PSRP implementation.
“The NETAP will also finance the deployment of a functional SCADA/EMS, which is a critical electric management system for grid stability.”
It further stated that the PSRP implementation monitoring team recently met with officials of the Central Bank of Nigeria, Federal Ministry of Finance, Nigerian Bulk Electricity Trading Company and World Bank representatives for the financial arrangements and implementation of the programme.