FG, World Bank, Others Meet to Resolve Power Funding Gap

World Bank

The Federal Government and private sector operators in the power sector will meet next month in Abuja with the officials of World Bank to address some key financial challenges that are currently facing the country’s power sector.

 Minister of Finance,Mrs Kemi Adeosun, recently disclosed to Daily Trust that the meeting which is fixed for November would be attended by the World Bank Group, International Finance Corporation, Multilateral Investment Guarantee Agency (MIGA) which provided partial risk guarantees, the Ministry of Power, Ministry of Finance, the Central Bank of Nigeria, Nigerian National Petroleum Corporation, NNPC, for the gas perspective, the GENCOs, DISCOs all other stakeholders in the power sector.

According to her the World Bank is bringing their specialists power finance team to see how they can proffer financial solutions to the challenges of power in Nigeria.

 “We also met with JICA, the Japan International Cooperation Agency at the last concluded IMF/ World Bank Annual meeting and we secured their commitment to facilitate trade and investment in Nigeria, specifically they have agreed to make investments in agriculture, fisheries sector and we have made progress on the Jebba hydro projects which is also a power project.”
 Adeosun said they met also with her constituency which represents South Africa, Nigeria and Angola and reviewed the fact that the allocation to this constituency are among the poorest particularly from the IFC.

“Is unacceptably low, so what we have agreed to do is that we will be hosting a meeting in Abuja in March for the three finance ministers and the idea is that we will benchmark and scale up our technical capacity to ensure that we are able to get more of what is available for the three countries. We also secured commitments from the Canadian Ministry of Finance to support us in the PPP platform for roads they have successfully developed .”

Source

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