Nigeria Secures $83M to Boost Off-Grid Electricity Access

The Federal Government of Nigeria has secured $83 million from the International Finance Corporation to expand off-grid electricity access in rural and underserved communities. This funding, announced on a Friday, is a significant step towards closing the nation's power gap and is part of the Nigeria Electrification Program led by Olufemi Akinyelure.

The financing agreement was signed during the World Bank Group and IMF Spring Meetings in Washington D.C. The initiative will support the private development and deployment of mini-grid solar home systems, marking a shift from pilot projects to large-scale renewable energy solutions.

The first phase of financing includes companies like Darwai, Coast, Privida Power, Prado Power, and GVE Project. The program aims to improve electricity access for millions of Nigerians, addressing the current deficit where many households and businesses lack reliable power.

The Nigeria Electrification Program has already reached 4.1 million Nigerians and aims to benefit 17.5 million by 2028, alongside deploying 465 megawatts of renewable energy capacity.