CBN Pledges Support For Power Sector
The Central Bank of Nigeria has visited the Eko Electricity Distribution Company (EKEDC) as part of its monitoring and evaluation tour of the CBN-funded intervention facilities for electricity distribution companies in Nigeria.
The apex bank team was led by the Director of Development Finance, Yusuf Philip Yila; Director of Strategy Management, Clement Buari; and the Director of Trade and Exchange, Ozoemena Nnaji.
In a statement by the EKEDC spokesperson, Godwin Idemudia, the CBN was quoted as saying that it embarked on several performance improvement projects to reduce the various challenges plaguing the electricity industry in the country.
The apex bank had intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure to assist the Discos’ capacity in the delivery of adequate and reliable power supply to Nigerians.
In addition to this, the CBN commenced phase zero of the National Mass Metering Programme in 2020 to address the problem of metering. As a result, the CBN monitoring and evaluation team visited the Disco for progress reports on these projects.
The Managing Director, Eko Disco, Dr Tinuade Sanda, was quoted as expressing her appreciation to the CBN for its effort in improving the power sector.
She pointed out that CBN-funded Capex projects had aided the Disco in improving its supply to meet the high demand for electricity in its network.
According to her, the projects have brought about the rehabilitation and replacement of obsolete equipment.
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Concerning metering, she said the NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.
Reacting to the progress reports delivered by EKEDC, Yila commended the Disco for its sheer effort towards the achievement of the Federal Government/CBN intervention schemes.
According to him, the National Mass Metering Scheme is very important to the CBN as the tour is also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.