Electricity: World Bank, CBN fully funding 6 million meters
Written by crest887fm on June 26, 2021
The Federal Government says World Bank and the Central Bank of Nigeria are fully providing funds for the estimated six million electricity meters required to close the metering gap in the Nigerian power sector.
It was gathered in Abuja on Friday that both institutions were currently deploying funds to close the gap in order to stabilise the sector and address its liquidity concerns.
Latest document on the overview and progress of Nigeria’s power sector obtained from the Federal Ministry of Power showed that both partners were providing loans to operators in the sector for the procurement of the meters.
The FMP also stated in the document that 580,000 meters were received by power distribution companies in the first half of this year, adding that the facilities were funded by the apex bank and its global financial partner.
It further stated that the meters were being procured locally, adding that the development had led to job creation in the assembling and installation of meters across the country.
The government said, “Five hundred and eighty thousand meters were received by Discos from January to June 2021 under phase zero of the National Mass Metering Programme. A total of 425,000 meters have been installed.
“This exceeds the number installed in the 18 months’ period of the MAP (Meter Asset Provider) programme”.