The Rural Electrification Agency (REA) has secured a landmark $950 million in funding to accelerate Nigeria’s shift to renewable energy and provide electricity to millions of citizens currently living without power.
Speaking at a contract signing ceremony in Abuja, REA Managing Director, Abba Abubakar Aliyu, reaffirmed the Federal Government’s commitment to improving electricity access for the estimated 86 million Nigerians still in darkness.
The financing, which includes $750 million from the World Bank and an additional $200 million from the Japanese International Development Corporation (JICA), will drive the Distributed Access through Renewable Energy Scale-up (DARES) project.
A Bold Step Towards a Renewable Future
Aliyu emphasized that the government’s vision is to position Nigeria as West Africa’s renewable energy hub. “For us to achieve this, we need financing, projects, implementation strategies, and a localized value chain,” he said.
He also revealed that a N100 billion federal initiative will soon launch to solarize public institutions, further reducing energy costs in government operations.
The DARES project is expected to impact 17.5 million Nigerians, with electricity supplied through:
Isolated mini-grids (serving 3 million people)
Interconnected mini-grids (1.5 million people)
Standalone solar systems (12 million people)
Public-Private Partnerships Driving Growth
To execute the project, REA has partnered with nine renewable energy companies, including Ashipa Electric Ltd, Oando Clean Energy, and Okra Solar PTY Ltd.
At the event, Oando Clean Energy’s CEO, Ademola Ogunbanjo, announced plans to roll out 600MW of solar power within the next year. He also revealed that the company is constructing a facility to manufacture and recycle solar panels, reinforcing Nigeria’s commitment to sustainability.
With this massive investment, Nigeria is set to make one of the largest renewable energy transformations in Africa, ensuring millions gain access to clean and reliable electricity.
Be the first to comment