At a conference themed “Powering Nigeria: Mobilizing Private Capital,” Melissa Jones, Mission Director for USAID, highlighted that 85 million Nigerians lack access to electricity, presenting a significant barrier to economic growth. USAID has committed approximately $4.5 million to support both on-grid and off-grid power initiatives in Nigeria.
The event, organized by Chapel Hill Denham in collaboration with USAID, Proper Africa, and Power Africa, brought together domestic investors and private sector companies with substantial capital and expertise in power, renewable energy, agriculture, and water, sanitation, and hygiene. These sectors are critical for Nigeria’s economic expansion and achieving sustainable development goals.
Jones emphasized that USAID, through initiatives like Power Africa and Prosper Africa, aims to mobilize investment in Nigeria’s electricity supply industry. The partnership has already facilitated N245 billion of institutional capital into priority infrastructure projects, including N33 billion for renewable energy initiatives benefiting low-income consumers.
Bolaji Balogun, CEO of Chapel Hill Denham, highlighted the partnership’s commitment to advancing infrastructure investments in Nigeria. He stressed the role of infrastructure in driving sustainable prosperity, creating jobs, and fostering developmental impact across the country.
Moving forward, USAID and Chapel Hill Denham plan to leverage innovative infrastructure solutions showcased at the conference to facilitate tangible infrastructure transactions and attract further investment into Nigeria’s economy.
Source: Vanguard