The Central Bank of Nigeria is providing N60bn for one million electricity meters that are meant for free distribution to unmetered power users across the country, the Federal Government has said.
It disclosed this in a document on some of the achievements of the President, Muhammadu Buhari in six years.
In the document, which was sighted by our correspondent in Abuja on Sunday, the government stated that the N60bn was for the first phase of its National Mass Metering Programme.
It said there had been a nationwide rollout of electricity meters to all on-grid consumers, as this was inaugurated in August 2020, adding that the CBN had released funds for this.
“The CBN is providing N60bn for the first phase, with a target of one million meter installations. So far more than 500,000 meters have been delivered to the Discos (distribution companies), and more than 280,000 installed,” the government stated.
PUNCH had reported that the World Bank and the CBN were fully providing funds for the estimated six million electricity meters required to close the metering gap in the Nigerian power sector.
The Federal Government’s document on its achievements in the last six years, which was seen on Sunday, said it inaugurated the Solar Power Naija programme in April 2021 to deliver five million off-grid solar connections to Nigerian households.
“The programme is expected to generate an additional N7bn increase in tax revenues per annum and $10m in annual import substitution,” it stated.
It added in the document that in May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 unity schools nationwide.
CDC Group, the UK’s Development Finance Institution and impact investor, has announced a US$50 million trade finance facility for Ecobank International (EBI SA), the Paris based member of the Ecobank Group.
This marks CDC’s first partnership with EBISA with the commitment aimed at providing systemic liquidity to underserved markets and crucial trade finance support to local banks and businesses across Africa.
The Covid-19 crisis has had a significant adverse effect on trade flows, business operations and jobs in Africa’s markets. This CDC facility will support the continent’s economic recovery and is expected to generate between US$70 – $140 million in additional trade annually. The investment will enhance the import of essential goods, commodities and capital equipment, while also helping to expand access to goods and services in general.EBI SA, […]