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
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Punch Nigeria.
The North East Stakeholders Forum for Sustainable Development has praised President Bola Tinubu for approving an N80 billion fund for flood control interventions across Nigeria. The forum, in a statement signed by National Chairman Murtala Jalingo and Secretary-General Danladi Bawa, described the intervention as timely and crucial for mitigating flood impacts in vulnerable communities, especially with warnings of increased flood risks due to persistent rainfall. They expressed confidence that the funds would be judiciously utilized to address the threat of flash floods. The group also commended Abubakar Yelwa, Managing Director of the Hydroelectric Power Producing Areas Development Commission HYPPADEC, for his proactive measures and commitment to service delivery. They highlighted HYPPADEC's annual flood preparedness campaigns and various intervention projects in Gombe and Taraba states, including the provision of life jackets, operational boats, solar streetlights, boreholes, desilting of drainages, construction of classrooms, and support for indigent students. The forum noted that HYPPADEC, under Yelwa, has focused on improving residents' lives rather than solely on institutional development. This commendation comes as Nigerian authorities warn of severe flooding risks in low-lying and flood-prone areas due to heavy rainfall.
Nigerian economic managers, industry leaders, development partners, and business figures convened in Lagos for the 14th BusinessDay CEO Forum Nigeria 2026, themed 'From Stability to Shared Prosperity.' The event focused on transforming Nigeria's macroeconomic stability into inclusive economic growth through sustained reforms, increased private sector investment, and enhanced coordination between fiscal and monetary authorities. The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Coordinating Minister of the Economy and Minister of Finance, Dr Taiwo Oyedele, assured investors of Nigeria's new phase of economic stability. Frank Aigbogun, Publisher and Editor-in-Chief of BusinessDay, highlighted the forum's role in policy dialogue and commended the CBN for its Central Bank of the Year Award. Dr Oyedele stated that Nigeria has successfully navigated the difficult phase of restoring macroeconomic stability and must now focus on converting these gains into inclusive prosperity. He outlined three pillars for the government's economic agenda: improving productivity, optimizing public revenue, and promoting inclusion. The government aims to measure shared prosperity through reductions in multidimensional poverty, growth in real income per capita, and declining inequality, reaffirming its commitment to building a $1 trillion economy by 2030. Dr Oyedele also noted the impact of tax reforms, including free registration for 250,000 businesses and financial support throug
Dr. Abiodun Oluseye, Rector of the Ogun State Institute of Technology OGITECH, Igbesa, reflected on the institution's 20-year journey, highlighting its growth from 52 students and two departments to over 10,000 students across 38 departments and 51 courses. He emphasized his administration's focus on development, staff welfare, and infrastructure, including modern classrooms, a new library, and a laboratory complex. Dr. Oluseye also detailed the establishment of a robotics and innovation center, where students assemble and fly drones, and the institution's commitment to providing value-added certificates alongside traditional diplomas. He stressed the importance of technical education for national development, advocating for more polytechnics and increased funding, while addressing challenges like discrimination against polytechnic graduates and land encroachment. The Rector praised the National Education Loan Fund NELFUND for its positive impact on student access to education, noting that about 200 OGITECH students have benefited, with 400 more on a waiting list. He also mentioned OGITECH's use of e-voting for student elections and a mobile application for timetables and communication, showcasing its ICT-based approach. Dr. Oluseye affirmed the institution's zero-tolerance policy against anti-social vices and lecturer misconduct, ensuring a safe and conducive learning environment.