The board of the World Bank Group reportedly approved the fund for the Regional Off-Grid Electrification Project in West Africa and the Sahel region.
Speaking on the fund, Coordinating Director for Regional Integration in West Africa, Rachid Benmessaoud, stated: “So far, only three per cent of households in West Africa and the Sahel are served by stand-alone solar home systems, and 208 million people in the sub-region do not have access to electricity.
He said: “The commercial and financial structures of the gas-to-power commercial value chain remain weak with growing arrears and uncertainty in the payment system which disincentivises gas investors. “The gas sector should transit into a liberalised market based on the ‘willing buyer, willing seller’ principle and ensure the existence of a competitive fiscal regime to support upstream gas development.”
“The reason for this liquidity squeeze we feel in the sector is that the sector is working against the established principles of electricity supply value chain. The first principle being that while energy flows from the left to the right supplier to the fuel transporter , to the GENCOs, to the power transmitter , to the power Distribution Companies, DISCOs and then to our homes or industry/commercial enterprises.
vanguardngr will an average Nigerian benefit from this?
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