Nigerian Govt seeks $2bn investment to boost renewable energy sector

The Federal Government, on Sunday, declared that over the previous ten years, it had attracted investments totaling over $2 billion in the field of renewable energy.

It made this announcement through the Rural Electrification Agency and added that it had formed alliances with the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and Japan International Cooperation Agency in order to advance these accomplishments.

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Other organisations include Sustainable Energy for ALL, the European Union, the United Kingdom Nigeria Infrastructure Advisory Facility, the United Nations Industrial Development Organisation, the Global Environment Facility, and the United States Agency for International Development, among others.

The Director, Promotion and Outreach, Mutari Ibrahim, who disclosed this in a statement issued in Abuja, said, “From 2020 to date, REA has provided power to over 7.5 million people including 1.5 million households, delivering 130 mini-grid projects, including 1.3 million standalone home systems. The agency has equally deployed over 1,650km of solar street lights, improving power, security, and economic growth in rural areas.

“REA completed 1,403 projects under the capital budget, delivering solar street lights, mini-grid projects, standalone home systems, and grid extension works. Through various programmes, including Energizing Education Programme, Energising Agriculture Programme, Beyond COVID-19, and Economic Clusters, REA delivered over 65 megawatts of power across Nigeria’s six geo-political zones.

“REA has delivered over 500MW of power, electrified numerous communities, created 500,000 new jobs, and attracted over $2bn in investments in the renewable energy sector over the past decade.”