Business
FG Set To Boost Power Sector Investment To Drive Economic
Joel Ajayi
In its renewed determination to drive economic growth and development in the country, the Federal Government has continued to engage with relevant stakeholders with a view to boosting power sector investment as a major priority area for achieving the desired objective.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing a meeting with World Bank delegates, led by Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, in his office in Abuja, today, reaffirmed President Bola Ahmed Tinubu Administration’s commitment to repositioning the economy for the future of Nigeria.
He stated that the meeting was held to discuss innovative ways to drive Nigeria’s power sector forward.
HM Edun informed that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at improving power distribution and management systems in order to ensure economic growth and development in the nation
Key highlights from the meeting include:
– Plans to roll out 3.5 million meters to enhance power distribution- $50 million funding for state solar plant pilots and infrastructure upgrades- 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 as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration.
The Honourable Minister and World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians.
Business
Nigeria Forges Strategic Ties As Finance Minister Meets Afeximbank President At IMF/World Bank Annual Meetings
Joel Ajayi
In a significant move to bolster Nigeria’s economic prospects, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, held a key meeting with Afreximbank’s President, Benedict Oramah on the sidelines of the World Bank-IMF Annual Meetings in Washington D.C., Oando Group’s President, Mr. Wale Tinubu was also present.
The discussions focused on deepening financial collaboration to support President Bola Ahmed Tinubu’s economic reforms and strengthen Nigeria’s energy and trade sectors.
During the meeting, the Minister highlighted the Nigerian Government ’s commitment to driving economic growth through strategic partnerships.
He praised Afreximbank’s pivotal role in Nigeria, particularly through initiatives like the $3 billion crude oil repayment loan with NNPC, which has been critical in stabilizing the economy and supporting fiscal reforms.
*The collaboration with Afreximbank is essential to our broader economic agenda,* Edun noted, emphasizing the importance of securing financial support for key sectors such as energy, infrastructure, and trade.
President Oramah reaffirmed Afreximbank’s commitment to Nigeria’s economic progress, while Wale Tinubu of Oando Group stressed the need for continued investment to bolster the oil and gas sector, a key revenue generator for the country.
As Nigeria strives to overcome its economic challenges, the convergence of HM Edun, Afreximbank’sPresident Oramah and Oando Group’sPresident Wale Tinubu signals a renewed commitment to fostering financial and investment partnerships.
By deepening ties with Afreximbank and other key stakeholders, the nation is poised to stabilize its economy, drive growth, and unlock its vast potential.
With the right policies and partnerships in place, Nigeria can transition from recovery to sustained growth, ultimately lifting millions out of poverty and cementing its position as a leading African economy.
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