Business & Finance

U.S., DisCos Sign $9m Power Africa Agreement


The U.S. Agency for International Development (USAID) and three  Electricity Distribution Companies (DisCos)  have signed a $9million (N3.2 billion) annual power agreement.

The agreement is  aimed at improving power distribution and increase connection across the country.

U.S. Ambassador to Nigeria, James Entwistle signed on behalf of USAID while  Managing Director, Benin DisCo, Mrs. Olufunke Osibodu;  Board Chairman, Eko DisCo, Mr Charles Momoh; and Amb. Shehu Malami Board Chairman, Abuja DisCo signed on behalf of their companies.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, who was represented by one of his Special Advisers, Mr Lanre Akinsola at the event described the memorandum of understanding (MoU) as a major step in the right direction.

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“It is a partnership through which funds of $9 million per year will be provided to improve performance of the DisCos through embedded advisors.

“This is another big step towards achieving our roadmap’s first phase of incremental power, by improving the performance of the DisCos,” he said.

He commended envoy for the love and support he demonstrated to ensure power improvement for Nigeria.


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