REA secures $750m to power 17.5m Nigerians

Rural Electrification Agency (REA) has revealed that it has secured $750 million funding that would provide electricity for 17.5 million Nigerians.

The Managing Director, REA, Abba Abubakar Aliyu, revealed this at the ongoing Nigeria Energy Leadership Summit organised by Informa Market in Lagos.

Aliyu said the agency was also improving the commercial viability of the players, which already commenced before the outcome of the World Bank report.

“Three million of them grew isolated mini-grids to create electricity access for the first time, and about 12 million of them grew a mesh grid, stand-alone system and solar home system. This is what the country is doing, and this programme is starting next month,” he said.

In his keynote address, titled ‘Sun, Wind and Water: Harnessing Nigeria’s Renewable Power Potential,’ Aliyu, while lamenting number of the people without electricity access globally, which is 885 million people, stated that 85 per cent of that number was within the sub-Saharan Africa.

The REA boss called for an improvement in the commercial viability of the players, noting that private sectors must improve their financial viability.

Chairman and Chief Executive Officer of Genesis Energy, Akinwole Omoboriowo, stressed the importance of reliable power in driving economic growth and emphasised how partnerships were critical to solving energy challenges.

Co-founder, Lihon Energy, Hakeem Disu, applauded the Nigerian energy transition, stating that it was the most advanced compared to other African Nations because of the opportunities to go through some of the energy transactions plan.

Exhibition Director for Nigeria Energy, Ade Yusuf, said the African region was increasingly becoming a supply house for global economic growth, driven by its rich natural resources and the growing appetite for innovation and investment.