In a major move aimed at transforming Nigeria’s power sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has held a crucial meeting with Guangzhe Chen, Vice President for Infrastructure at the World Bank.
The discussions focused on implementing significant reforms to boost electricity access nationwide, a critical step to drive infrastructure development and accelerate economic growth.
The meeting highlighted ongoing challenges in Nigeria’s electricity sector and explored pathways to improve access to power for millions of Nigerians.
Edun reaffirmed President Bola Ahmed Tinubu’s commitment to the Mission 300 project—a collaborative initiative between the World Bank and the African Development Bank.
The ambitious project aims to provide electricity to 300 million people across Africa by 2030, with Nigeria playing a pivotal role in this continental push.
“President Tinubu is fully committed to the success of Mission 300, and our focus is on creating sustainable energy solutions that will meet the needs of our growing population and boost economic activity across the country,” Edun stated.
The Minister stressed that improving electricity access is central to Nigeria’s economic recovery and growth plan.
Guangzhe Chen, the World Bank’s Vice President for Infrastructure, expressed strong support for Nigeria’s efforts to overhaul its power sector.
He emphasized the need for innovative solutions to tackle longstanding inefficiencies, pointing out that improved infrastructure in the energy sector is a critical driver of economic growth.
“By prioritizing sustainable energy reforms, Nigeria has the opportunity to address its infrastructure gap and ensure economic prosperity for the future,” Chen said. He also highlighted the importance of global partnerships in achieving the goals of Mission 300.
Also present at the meeting were Ndiame Diop, the World Bank Country Director for Nigeria; Franz Drees-Gross, Director of Infrastructure for West Africa; Taimur Samad, Operations Manager at the World Bank; and representatives from the Office of the Special Adviser on Energy to the President.
With over 85 million Nigerians still lacking access to reliable electricity, improving power infrastructure is seen as crucial to unlocking the country’s economic potential.
Through this partnership, Nigeria is positioned to implement structural reforms that will modernize its power grid, enhance efficiency, and attract investments in renewable energy.
The efforts are expected to drive job creation, boost industrial productivity, and ultimately improve the quality of life for millions of Nigerians.
“Through collaborative efforts and a shared vision for sustainable energy solutions, Nigeria can unlock its full potential and provide electricity access to millions,” Edun added.
