- Over 90 million Nigerians were not connected to the national grid.
- FCMB has provided over $6 billion in loans in the past four years to drive solar energy development in the country.
The senior energy specialist of the World Bank, Mr Arsh Sharma, said at the “Unlocking opportunities for clean and sustainable energy” conference in Lagos, Nigeria, that Nigeria had the most significant energy deficit on the continent, noting that over 90 million people were not connected to the national grid.
According to him, “there is no other country other than Nigeria that is having that kind of energy crisis. Nigeria has over 90 million people without access to electricity. This is the largest energy deficit in the whole of Africa. All development bank partners must come together to support the Nigerian government efforts at the federal and state levels.”
He said that the World Bank had started a rural electrification project to provide access to power for those living in rural areas of the nation. He said that the project’s initial goal was to target 450,000 families but has outperformed that goal in terms of impact, creating over 100,000 jobs and influencing the lives of 4 million Nigerians.
Yemi Edun, managing director of FCMB, asserted that renewable energy is here to stay and emphasized the necessity of strong partnerships between the public and commercial sectors to advance renewable energy in the nation.
She added that FCMB had identified key sector areas to achieve the rapid development of renewable energy in the country, stressing that the federal government cannot provide power supply to the 40 per cent of the population that is not on the national grid.
She said the bank provided over $6 billion in loans in the past four years to drive solar energy development in the country.