Nigeria’s Power Sector Receives N38.53 Billion From CBN

Yemisi Izuora 

The power sector has received a total of N38.53 billion from the Central Bank of Nigeria, CBN in line with the bank’s intervention in the sector.

The money was given to one distribution company, 17 generation companies, six gas companies and five service providers between January and June this year under the Nigeria Electricity Market Stabilisation Facility (NEMSF), according to a new report by the CBN. 

The facility was set up by the CBN in 2015 to provide liquidity for the Nigerian electricity supply industry and put it on the path to economic viability and sustainability.

The market participants are gas companies, electricity generation companies, the Transmission Company of Nigeria, and electricity distribution companies as well as service providers.

With the intervention, the bank is able to facilitate the recovery of 1,193 megawatts of generating capacity through the overhaul of 10 turbines as well as the acquisition of one mobile injection substation.

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