The Federal Government, through the Rural Electrification Agency (REA) in partnership with Lotus Bank, has unveiled plans to strengthen and expand financing support for off-grid electricity projects across Nigeria.
Speaking during the engagement, REA Managing Director Dr Abba Aliyu urged the bank to set clear funding targets and adopt internal standards that would enable developers scale their operations more efficiently.
“That level of intentionality is exactly what the sector needs if we’re serious about moving from pilots to impact at scale,” the REA Managing Director noted
Both parties are working towards signing a Memorandum of Understanding (MoU) to formalize the partnership.
The agreement is expected to outline funding structures and operational guidelines for supporting renewable energy projects across the country.
The partnership is designed to boost private sector involvement in tackling Nigeria’s electricity access gap, with a focus on rural and off-grid communities.
Under the new arrangement, the collaboration is expected to go beyond funding individual projects to establish a dedicated financing framework that will enhance access to renewable energy, especially in underserved areas.
The initiative forms part of the Federal Government’s Distributed Access through Renewable Energy Scale-up (DARES) programme.
