Due to the poor state of Nigeria’s power sector, the Federal Government has announced that it is working with the World Bank to get a \$500 million loan. The money will be used to improve electricity distribution through the country’s electricity companies (DisCos).
Speaking to journalists in Abuja, the Director General of the Bureau of Public Enterprises (BPE), Mr. Ayodeji Ariyo Gbeleyi, explained that the loan has two parts.
The first part is called Investment Project Financing (IPF), and the second part is called Programme for Results.
Under the IPF, 3.2 million electricity meters will be distributed to customers across the country. So far, about 330 meters have been shipped, 160,300 meters have already been delivered, and another 160,700 are almost ready.
More shipments are expected before the end of the year. In the first phase of what is called international competitive bidding, 330 more meters are expected to arrive between now and the middle of next year. There is also a local version of the project, called national competitive bidding, which focuses on local production. It aims to produce 217,000 meters from Nigerian manufacturers.
A second phase of international competitive bidding will aim to get 1.5 million more meters from global equipment suppliers. Gbeleyi said this next round of international bidding will begin in the coming weeks.
The second part of the plan, called Programme for Results, involves giving \$50 million as shareholder loans to the 11 electricity distribution companies (DisCos). This money will help them set up management information systems to improve how they run their operations.
On pensions, the BPE also shared that by the end of June 2025, Nigeria’s pension assets had grown to N25 trillion. Gbeleyi said this means contributors now have strong financial backing for their retirement.
