Okechukwu Nnodim, AbujaThe European Union on Tuesday announced that it had committed over €156.3m (N53.9bn at N344.88 to one euro) in different financing instruments in Nigeria’s power sector. It, however, regretted that the country’s power sector was losing N1.3bn daily despite efforts by stakeholders to address the challenges in the industry. Speaking at the Second Seminar for the Preparation of Performance Improvement Plans by the Nigerian electricity distribution companies, the Head of Trade and Economic Section of the EU Delegation, Filippo Amato, said the EU had scaled up its financial support for Nigeria’s power sector. According to him, power distributors have, by contract, a key role to play in making the distribution network work efficiently. He noted that the second seminar aimed at enhancing Discos’ strategic planning efforts provided modalities for the upcoming Performance Improvement Plan over the next five years.

Source: Punch June 19, 2019 02:48 UTC