$188M Fund Launched for Solar Capacity in Nigeria

On May 7, 2026, the Rural Electrification Agency (REA) and First City Monument Bank (FCMB) officially launched a $188 million fund to finance 191 megawatts of distributed solar capacity across Nigeria. This initiative aims to support renewable energy access for households and businesses as part of the national effort to expand electricity access through decentralized renewable energy solutions.

The Green Finance Investment Facility (GFIF) was introduced to unlock financing solutions and reduce the financial gap in Nigeria's transition to a cleaner, sustainable energy system. Barton Heyman, managing partner at GFIF, emphasized the facility's market-driven model to attract private capital.

The initiative is part of a broader goal to raise $40 billion for 20 gigawatts of distributed renewable energy. FCMB has committed to financing 42 mini-grid projects to connect 2 million households, aligning with Nigeria's national electrification objectives.