Abuja – The Federal Government has secured approximately $83 million in financing backed by the International Finance Corporation (IFC) to significantly expand off-grid electricity access across Nigeria, with a strong focus on powering rural and underserved communities through renewable energy solutions.
The funding, provided under the Distributed Access through Renewable Energy Scale-Up (DARES) programme, aims to accelerate the deployment of mini-grids and solar home systems in areas with limited or no connection to the national grid. Officials described the initiative as a critical step toward closing Nigeria’s persistent power deficit and promoting sustainable energy development.
This latest injection of capital reflects growing investor confidence in Nigeria’s off-grid renewable energy sector. It will support an initial group of local developers transitioning from pilot projects to large-scale implementation of distributed energy infrastructure.
Companies that have signed financing agreements in the first phase include Darway Coast, PriVida Power, Prado Power, GVE Projects, and StarTimes Smart Energy. These firms will deploy solar-powered solutions to bring reliable electricity to households, small businesses, and essential services in remote communities.
The move is expected to enhance energy access for millions of Nigerians, stimulate economic activities in rural areas, and contribute to the country’s broader renewable energy goals by reducing reliance on fossil fuels and unstable grid power.
Authorities noted that the financing marks a shift toward more sustainable and scalable solutions, building on existing efforts to electrify unserved regions and support Nigeria’s energy transition.
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