Nigeria secures $83 million IFC-backed financing to expand off-grid electricity access
via Punch Nigeria3 min read
Nigeria has secured approximately $83 million in financing, backed by the International Finance Corporation, to expand off-grid electricity access to rural and underserved communities. This funding, mobilized under the Distributed Access through Renewable Energy Scale-Up programme, was announced by Olufemi Akinyelure, Head of the Nigeria Electrification Programme and DARES Project Lead. The financing agreement was signed during the World Bank Group and IMF Spring Meetings 2026 in Washington, D.C., and will support private developers in deploying mini-grids and solar home systems in areas without reliable electricity. This initiative signifies a shift from pilot projects to large-scale deployment of off-grid renewable energy solutions, aiming to improve electricity access for millions of Nigerians. The first phase of financing includes companies such as Darway Coast, PriVida Power, Prado Power, GVE Projects, and StarTimes Smart Energy, with other developers included in the next phase. The funds are structured as a revolving debt facility, backed by the IFC, providing long-term, affordable financing to renewable energy developers by blending concessional and commercial capital. IFC Managing Director, Makhtar Diop, highlighted this as an example of blended finance addressing ecosystem constraints. Sanyade Okolie, Special Adviser on the Economy, representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated the Federal Government's commitment to
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