Federal Government Celebrates $2 Billion in Renewable Energy Investments

The Federal Government of Nigeria has proudly announced that it has successfully attracted over $2 billion in investments in the renewable energy sector over the past decade.

This monumental achievement was made public by the Rural Electrification Agency (REA) in a statement issued in Abuja.

In its relentless pursuit of renewable energy development, the Federal Government forged key partnerships with various international organizations.

Notable collaborators include the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and Japan International Cooperation Agency, among others.

Mutari Ibrahim, the Director of Promotion and Outreach at REA, revealed that from 2020 to the present, the agency has provided electricity to over 7.5 million people, including 1.5 million households.

These efforts were made possible through the completion of 1,403 projects encompassing solar street lights, mini-grid projects, standalone home systems, and grid extensions.

Under different programs, such as the Energizing Education Programme, Energizing Agriculture Programme, Beyond COVID-19, and Economic Clusters, REA has delivered over 65 megawatts of power, benefiting Nigeria’s six geopolitical zones.

The agency’s initiatives have not only brought electricity to numerous communities but have also contributed to the creation of 500,000 new jobs. These achievements have garnered substantial investments in the renewable energy sector and have set the stage for further growth in this critical industry.

In light of these successes, REA secured an additional N4 billion in capital injection grants as part of the National Poverty Reduction and Growth Strategy program in 2022. These grants will be utilized to provide clean power standalone home systems to over 50,000 locations, including rural homes, micro-businesses, schools, and faith-based institutions.

Furthermore, the agency has negotiated and received advance approval for a $750 million facility with the World Bank to expand renewable and rural electrification initiatives, reaffirming the commitment to sustainable energy development in Nigeria.