Plans by 11 electricity distribution companies in Nigeria’s power market to massively rollout consumer meters across their networks could be boosted by $100 million commitment by the Agence Francais de Developpement (AFD), ThisDay reports.
AFD is the financial agency, which is at the heart of France’s respective aid schemes to developing countries and economies. It had from a recent government memo offered to lend up to $100 million to the Discos to actualise their metering plans.
The memo was on the government’s Power Sector Recovery Plan, which was reportedly initiated in partnership with the World Bank. The memo, which contains various proposals and measures to revive Nigeria’s ailing power sector, was presented to the Federal Executive Council (FEC) for approval by the Minister of Power, Works, and Housing, Babatunde Fashola, in February.
In it also, the government equally plans to get the Discos to list their shares on the Nigerian Stock Exchange (NSE), in addition to replacing its representatives on their boards with technically and commercially sound representatives against the potential practice of just anybody that may be politically favoured.