The Nigerian government, through the Rural Electrification Agency, has unveiled plans to mobilise $188 million in financing to support the development of 191 megawatts of solar energy projects aimed at improving electricity access in underserved communities across the country.
The agency disclosed this in a statement on Wednesday, noting that the initiative is being executed in partnership with First City Monument Bank, Barton Heyman, UK PACT, and ARM-Harith Infrastructure Investment Ltd..
According to the federal government, the funding arrangement, under the Green Finance Investment Facility, is designed to expand decentralised renewable energy solutions and bring stable electricity to rural communities nationwide.
Speaking on the development, the Managing Director of the REA, Abba Aliyu, said the initiative addresses one of the biggest challenges facing the renewable energy sector — limited access to financing.
Aliyu explained that the Green Finance Investment Facility would help unlock investment opportunities for clean energy projects while ensuring communities without reliable power supply gain access to electricity.
He added that the initiative represents a major step toward strengthening Nigeria’s renewable energy future and accelerating rural electrification efforts.
Other stakeholders involved in the partnership also stressed the importance of sustainable financing in attracting long-term investments, reducing risks for investors, and speeding up the deployment of clean energy solutions capable of powering communities across the country.
