Nigeria Attracts $1.3 Billion in Renewable Energy Investments

The federal government of Nigeria reported that its renewable energy programmes have successfully attracted more than $1.3 billion in investment commitments, indicating a rise in investor confidence in the clean energy sector. Olamide Fagbuji, Senior Special Assistant to the President on Climate Technology, made this announcement during the Lagos Solar Forum.

He highlighted that the Nigeria Electrification Project and the Distributed Access through Renewable Energy Scale-up Programme (DARES) have collectively unlocked this investment, which aims to expand electricity access and drive industrial growth. The Nigeria Electrification Project has impacted approximately 7.8 million Nigerians, while the DARES Programme is set to deploy 465 megawatts of renewable energy capacity, providing electricity to 3.24 million households and supporting nearly 237,000 micro, small, and medium-sized enterprises (MSMEs).

Fagbuji emphasized the importance of the Electricity Act 2023 in decentralizing electricity generation and distribution, fostering private sector participation, and urged stakeholders to develop a comprehensive renewable energy value chain. Chris Kiff from the Secure Energy Project called for better coordination among various stakeholders to enhance the impact of renewable energy initiatives.