The Central Bank of Nigeria, CBN, has expressed satisfaction with the level of work done by some companies that benefitted from its intervention funds under the Real Sector Support Facility and Differentiated Cash Reserve Requirement, RSSF-DCRR.
The Director of Development Finance, CBN, Mr Yila Yusuf, expressed the mind of the apex bank during an on-site monitoring and evaluation tour of some projects funded under the RSSF-DCRR, intervention.
The first point of call was the Ikeja Electricity Distribution Company that was given 40 billion naira under the initiative.
Mr Yusuf while praising the company for judicious use of the fund, promised that the Apex bank would provide it with more money for the Phase One of its metering project.
He pointed out that Ikeja Electricity was very innovative, having followed some of the things they have done, especially providing electricity upward of 20 hours with different prices, among others.
Mr Yusuf who expressed optimism that the provision of fund was the only way to ensure that they run the DISCO well, noted that the CBN has monitored all the performance numbers, month by month and saw that they did excellently well compared to others.
He promised that CBN would craft interventions that would sort out some of the challenges with the energy sector.
Mr Yusuf stressed that as part of its development finance effort, the apex bank disbursed N8.83 trillion to different sectors ,of which 24 per cent went to the energy sector.
Mr Yusuf explained that energy, being a vibrant sector, needed to be developed, adding that without electricity, no country could grow on the path of sustainable development.
Earlier, The Chief Executive Officer of Ikeja Disco, Mrs Folake Soetan, urged the CBN team to fast tract its intervention for the company.
Mrs Soetan who explained that the projects executed so far were for 2021, and it was already second quarter of 2022 ,noted that in order to effectively execute the projects that they planned for 2022, they once again required the CBN support.
“For the National mass Metering Initiative, Phase Zero, for Ikeja Electric, be executed on time, we completed the number of metering that was required of us and we are very eager to start Phase One.
” So, I’m appealing once again for your support in helping us fast track that process. Opex (Operational Expenditure) is very key at this time,”
The CBN team also visited Eko Electricity Distribution Company as well as the Red and Blue Rail Line.
They also expressed satisfaction with the work so far done on the Red line project.
The Managing Director of Lagos Metropolitan Area Transport Authority, LAMATA, Mrs Abimbola Akinajo, who noted that they also received CBN RSSF-DCRR, intervention fund for blue rail line that uses electricity, appealed to the disco to set aside a dedicated line for LAMATA.
He said this would ensure non interruption of power supply, necessary for 24 hours operations of the rail facility.
“It is a system that has been designed all over the world and that’s the system that have been designed for the blue line”.
The CBN team also visited and expressed satisfaction with some of the companies that received intervention funds under the Real Sector Support Facility and Differentiated Cash Reserve Requirement in Lagos Free Zone.