CBN provides funds for acquisition of 500 transformers

Nigeria, Abuja: The Central Bank of Nigeria (CBN) has approved funds to be provided to power distribution companies in the country for the purchase and installation of over 500 transformers.

The installation of new transformers will help enhance the distribution networks across the country, in addition to over 2,000 km of 11 kV lines that have already been modernized, reports Punch Nigeria.

CBN said this intervention in the power sector was made possible through the Nigerian Electricity Market Stabilisation Facility, as captured in the NEMSF Progress Report.

Source: Punch Nigeria