Nigeria: Power Africa Helps Nigeria Tap the Private Sector to Boost Off-Grid Electricity for Small Businesses

press release

Power Africa, the U.S. government’s initiative to help improve access to electricity across the continent, is helping Nigeria to access innovative private sector financing that will provide clean, safe, affordable and reliable electricity to market places, shopping centers, and industrial facilities across Nigeria.

Fully funded by the private sector, a new Energizing Economies Initiative (EEI) by Nigeria’s Rural Electrification Agency (REA) will support rapid deployment of off-grid electricity solutions that aim to provide electricity access to over 80,000 retail shops, empower 340,000 micro, small and medium size enterprises, and create over 2,500 jobs while serving over 18 million Nigerians.

Nigeria’s flagship Power Africa intervention, the Nigeria Power Sector Support Program (NPSP), worked with the REA and the Central Bank of Nigeria to develop an innovative financing solutions that resulted in over $1.5 million of local lending into EEI, increasing Nigeria’s capacity to self-finance development objectives. NPSP is managed by the U.S. Agency for International Development (USAID).

To establish the financing scheme, Power Africa provided technical support to Nigeria’s Rural Electrification Agency, which is implementing EEI that is already transforming businesses in Sabon Gari market, Ariara market, Sura shopping complex and other “economic clusters” with sustainable, clean and affordable power supply by increasing economic activities, spurring business growth, fostering job creation and enhancing the business experience.

“This is a significant milestone in the financing of the Energizing Economies Initiative,” said Damilola Ogunbiyi, Managing Director of the REA. “Since the deployment of off-grid electricity solutions at various markets, we are already seeing positive environmental and economic impacts. This is the sort of intervention we look forward to across the country with support from financial institutions.”

See What Everyone is Watching

More From: USAID

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.