The World Bank Group has unveiled plans to fund 1,000 mini solar power projects in Nigeria as part of its support for the nation’s current drive towards transition from fossil-fuel powered energy to climate-friendly green energy alternatives.
The President of the bank, Ajay Banga, who made the pledge on Saturday, said that under the first phase the development finance institution would construct 300 power grids after which other phases would follow.
He said: “We are putting another 300 in, but our ambition with the government is to go all the way to 1,000. We’re talking about hundreds of millions of dollars that are being invested,” said Banga, without giving a timeline.
“Now the idea is not for the World Bank to be the only person putting the money. We put part of the money like a subsidy”, the banker added.
President Bola Tinubu had on Friday during the World Bank president’s meeting with him at the Presidential Villa, Abuja, solicited the support of the Breton Woods institution in the current reforms being embarked by his administration, especially in areas that could help mitigate the hardships associated with the implementation of reforms.
Tinubu, who spoke on the government’s ongoing comprehensive forensic audit at the Central Bank of Nigeria CBN), said: ”The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes. The reforms will be targeted at the way we work, change of attitude and equally on educating our people. It’s costly but we will do it.”
Speaking on Nigeria’s resilience and the quality of her human capital, the President urged the development finance bank to see Nigeria as a key player in the global economic space and not just as a struggling economy due to current challenges.
The President maintained that Nigeria remained a vibrant and educated society seeking to avert chaos through strategic interventions and the World Bank’s engagement aligns with the government’s quest for partnership needed to achieve mutual benefits that enrich all.
