The federal government, through the Bureau of Public Enterprises (BPE) and electricity distribution companies (DisCos), has signed an agreement with firms to supply and install 1,437,500 smart meters across Nigeria.
These firms include Ningbo Sanxing Medical and Electric Company Limited, Ningbo Sanxing Smart Electric Company Limited and Messrs XJ Group Corporation.
According to a statement on Friday by the Transmission Company of Nigeria (TCN), the signing ceremony took place at the BPE headquarters in Abuja.
“The project is part of the Distribution Sector Recovery Programme (DISREP), funded by the World Bank’s $500 million facility through the Investment Project Finance (IPF) arrangement,” TCN said.
Sule Abdulaziz, chief executive officer (CEO) of TCN, represented by Ajiboye Oluwagbenga, executive director of transmission service provider, described the project as a significant step in bridging the 7.1 million meter gap in Nigeria.
Also, on August 27, Adebayo Adelabu, minister of power, said the federal government and the states have raised N100 billion for the procurement of prepaid electricity meters.
Adelabu added that the World Bank decided to support Nigeria with the procurement of almost two million meters in the next two years through the distribution sector recovery programme.