The Nigerian government, through the Rural Electrification Agency (REA), plans to leverage N1.1 billion in private sector funding to enhance power sector infrastructure, building on an existing $750 million in federal investment. REA Managing Director Abba Aliyu announced the initiative at the Nigeria Energy Summit, stating that the funding will address Nigeria’s electricity challenges through grants and subsidies designed to attract private co-financing. The focus will be on clean energy solutions such as solar, wind, and hydro power to improve electricity access across rural areas.
Additionally, Aliyu emphasized the importance of diversifying Nigeria’s power sources by integrating small hydro, micro-hydro, and biomass projects into the national grid. He also mentioned ongoing and planned projects, including mini-grid systems in multiple states like Katsina and Cross River. These efforts aim to enhance access to reliable electricity for millions of Nigerians, with an emphasis on renewable energy to drive economic growth, particularly in rural areas.
Energy experts at the summit praised Nigeria’s energy transition efforts, with Hakeem Disu of Lihon Energy highlighting the country’s leadership in Africa. Disu underscored the role of solar energy in boosting agricultural productivity in rural regions, while the event’s organizers reiterated the importance of innovation and sustainability in the continent’s evolving energy market. The summit also stressed the importance of financial viability in ensuring the long-term success of renewable energy projects in Nigeria.
