- USAID allocated N33 billion for renewable energy initiatives to provide reliable, clean energy to low-income consumers.
- These projects aim to tackle the electricity deficit in Nigeria.
Through the United States Agency for International Development (USAID) and Chapel Hill Denham, a leading investment bank in Nigeria, the United States government has facilitated the mobilisation of N245 billion in institutional capital toward critical infrastructure projects across Nigeria.
This includes N33 billion allocated for renewable energy initiatives to provide reliable, clean energy to low-income consumers. USAID disclosed this during a conference titled “Powering Nigeria: Mobilising private capital,” which aimed to promote private sector investment in Nigeria’s infrastructure.
Domestic investors and private sector firms attended the event, possessing over N20 trillion in institutional capital and expertise in critical sectors that enhance economic growth, such as power, renewable energy, agriculture, water, sanitation, and hygiene.
With over 85 million citizens lacking access to electricity, Nigeria faces the world’s highest number of people without reliable power. This electricity deficit severely hampers the country’s economic potential by limiting productivity and constraining economic expansion.
To address these challenges, USAID’s Power Africa and Prosper Africa initiatives, in partnership with Chapel Hill Denham, are actively mobilising investments in Nigeria’s electricity sector.
Melissa Jones, USAID Mission Director to Nigeria, highlighted at the conference how infrastructure investment supports development goals, fosters innovation, creates jobs, and ensures sustainable profitability for businesses and investors.
She stressed the importance of collaboration among the government, private sector, academia, and investors to foster an enabling environment for the growth of Nigeria’s power sector. This also includes the adoption of renewable energy while also ensuring reasonable returns and protections for private investors.
In addition, USAID and Chapel Hill Denham aim to leverage the showcased infrastructure innovations to facilitate tangible infrastructure projects and attract investments into the Nigerian economy, thereby achieving significant developmental impact.