The Federal Government of Nigeria has concluded plans to meet World Bank officials in Washington DC this week to conclude terms of operation of the power sector recovery plan which will address the challenges hampering operations of the Nation’s power sector.
Reports say that the Minister of Power, Works and Housing, Mr. Babatunde Fashola, will lead a team comprising key officials in his ministry and the Office of the Vice President to the meeting which is expected to hold on the sidelines of the annual World Bank/International Monetary Fund (IMF) spring meetings.
The meeting according to sources was billed to hold at the time of the spring meetings between April 21 and 23.
Nigeria and the World Bank according to sources would take time out to discuss key factors in the implementation of the power sector recovery plan.
The Ministry of power has got Federal Executive Council (FEC) approval paving the way for Nigeria and the Bank to conclude discussions on the plan. But the total funding involved is not yet disclosed.
It was reported Last December that the government and the Bank were working on a recovery plan that would to improve the business viability, so also the technical and commercial performance of the country’s privatized power sector.
The recovery plan seeks to turnaround the sector by helping to improve its governance practices, reduce technical and commercial electricity losses, and guarantee efficient sector investments.
The Federal Government and the Bank reportedly agreed while working on the plan that there were causes and dimensions to the challenges of the sector, and that the sector needed urgent attention to restore its financial tolerance to attract significant private sector investments.
Reports say that the World Bank would support the sector from this galvanise private and public sector investments through its various groups.