News

World Bank To Support Nigeria's Power Sector With $1.8bn

Published

10 years ago

December 23, 2014

The Bureau of Public Enterprises, BPE, Monday, said that the World Bank will support the Nigerian Power Sector with $1.75 (about N294 billion) over the next four years.
This is contained in a statement by the BPE’s Head, Public Communications, Mr. Chigbo Anichebe, in Abuja.
According to the statement, the World Bank’s Country Energy Task Team Leader for Nigeria, Mr. Eric Fernstrom, disclosed this at a Capacity Building Programme on Post Privatisation Monitoring for Power Sector.
It said the programme was jointly organised by the bank and the enterprise to ensure that the reform objectives were realised.
This, it stated, was due to the transparency exhibited in the transaction process and the robust post reform measures put in place by the National Council on Privatisation, NCP.
It reported Fernstrom as saying that the $1.75 billion was 25 per cent of a total $7 billion earmarked for Nigeria in the next four years.
It said the workshop, which was held in Uyo, was to expose participants to the techniques, methods and information sources for effective Post Privatisation Monitoring and Evaluation of PHCN successor companies.
“It was also meant to enable participants to analyse performance targets, using relevant tools as well as expose them to strategies for effective engagement and collaboration with relevant stakeholders.
“It attracted participants from critical sector stakeholders, including the Nigeria Electricity Regulatory Commission, Presidential Task force on Power, Transmission Company of Nigeria,” it stated.
The statement also reported the Director-General of BPE, Mr. Benjamin Dikki, as saying that the workshop had greatly increased the capacity of the participants to effectively monitor power companies.
Dikki also expressed gratitude to the World Bank for its continued support to the enterprise over the years and for sponsoring the programme.