Home Business FG Attracts $2bn Investments in Renewable Energy Sector

FG Attracts $2bn Investments in Renewable Energy Sector

The Nigerian government declared on Sunday that it has drawn in more than $2 billion in investments in the renewable energy sector during the last ten years. This information was revealed by the Rural Electrification Agency, which highlighted collaborations with various organizations such as the World Bank, African Development Bank, Global Alliance for People and Planet, Rocky Mountain Institute, and Japan International Cooperation Agency.

The Director of Promotion and Outreach, Mutari Ibrahim, emphasized the achievements in a statement from Abuja, stating, “Between 2020 and the present, REA has provided electricity to over 7.5 million individuals, including 1.5 million households. This has been achieved through the implementation of 130 mini-grid projects and 1.3 million standalone home systems. Additionally, the agency has successfully installed 1,650 kilometers of solar street lights, enhancing power supply, security, and economic development in rural regions.”

The statement continued, “Under the capital budget, REA has completed 1,403 projects, which included the installation of solar street lights, mini-grid projects, standalone home systems, and grid extension works. Through initiatives such as the Energizing Education Programme, Energising Agriculture Programme, Beyond COVID-19, and Economic Clusters, REA has delivered more than 65 megawatts of power across the six geo-political zones in Nigeria. The agency’s efforts have resulted in the creation of 500,000 new jobs and the attraction of over $2 billion in investments within the renewable energy sector over the last decade.”

The government agency further disclosed that in 2022, as a component of the National Poverty Reduction and Growth Strategy program, the REA secured an additional N4 billion in capital injection grants.

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