The Federal Government has secured more than $2 billion to accelerate renewable energy deployment and expand off-grid power access in underserved areas across Nigeria.
Minister of Power, Adebayo Adelabu, disclosed this during the 31st Nigerian Economic Summit in Abuja, saying the initiative reflects the Tinubu administration’s drive to achieve universal electricity access through clean and sustainable sources.
He said the funding comes from key programmes, including the $750 million World Bank Distributed Access through Renewable Energy Scale-Up (DARES) Programme, the $500 million Nigeria Sovereign Investment Authority’s RIPLE Platform, and Japan’s $190 million JICA Fund.
Adelabu noted that the interventions will strengthen power access for schools, healthcare facilities, small businesses, and rural communities, while driving job creation through renewable infrastructure development.
He also announced that the Rural Electrification Agency has signed a landmark agreement with Oando Clean Energy to develop a 1.2GW solar project incorporating a recycling line for used panels to promote sustainability.
To address the national metering gap, Adelabu said ₦700 billion has been approved from the Federation Account Allocation Committee to deploy over 1.1 million meters by 2025 and two million annually for the next five years.
These efforts, supported by the World Bank’s DISREP Programme providing an additional 3.2 million meters, are expected to close Nigeria’s metering gap within five years and improve financial transparency across the power sector.
The Minister reaffirmed that the government’s long-term goal is to build a resilient, clean energy ecosystem that will power inclusive growth and industrial competitiveness nationwide.
