The Nigerian government has unveiled plans to mobilise a $188 million financing pool to support a 191-megawatt solar power programme, with the Rural Electrification Agency (REA) leading the effort in coordination with key partners and stakeholders. The REA said the initiative was announced on Wednesday, outlining a financing structure designed to expand access to electricity beyond major grids.
Under the federal government’s framework, the funding arrangement is being pursued in collaboration with First City Monument Bank, Barton Heyman in the UK, UK PACT, and ARM-Harith Infrastructure Investment Ltd. The stated objective is to extend power supply to rural communities across Nigeria, where energy access remains limited and reliability is often inconsistent.
Officials said the proposed $188 million fund forms part of the Green Finance Investment Facility, and is intended to decentralise renewable energy solutions throughout the country. By channelling resources into projects closer to end users, the programme aims to improve the availability of clean electricity in areas that historically have struggled to attract investment at scale.
Abba Aliyu, managing director of the REA, said the approach targets what he described as one of the sector’s most significant bottlenecks: financing. He argued that the Green Finance Investment Facility is designed to address gaps in access to capital, which he identified as a major obstacle to deploying renewable energy. Aliyu also linked the launch to efforts to ensure communities without dependable power can gain access to electricity, framing the facility as an important step for Nigeria’s broader energy transition.
Other participating stakeholders emphasised that securing finance is essential for mobilising longer-term investment, lowering perceived risks for investors, and speeding up the rollout of clean energy solutions. They said these improvements can help translate renewable energy plans into actual power delivery for communities nationwide.
