In a major boost to Nigeria’s energy sector, President Bola Tinubu has secured a $70 million funding package from the International Finance Corporation (IFC) to support the development of mini-grid projects across the country.
The announcement was made via the official X handle of Nigerian Stories, confirming the deal as a significant step toward addressing Nigeria’s persistent power challenges. The funding was finalized at the just-concluded Africa Energy Summit in Dar es Salaam, Tanzania, which brought together key stakeholders, policymakers, and investors to discuss Africa’s energy future.
The IFC’s investment is expected to accelerate Nigeria’s transition to decentralized power solutions, particularly in rural and underserved areas, by expanding access to reliable electricity through mini-grid technology. This move aligns with the government’s broader strategy to improve energy infrastructure, attract foreign investment, and drive economic growth.
With Nigeria’s power sector grappling with inefficiencies, inadequate generation capacity, and frequent blackouts, this funding is poised to make a transformative impact. Experts believe that successful implementation of mini-grids will not only improve electrification rates but also enhance productivity, support small businesses, and foster industrial growth.
President Tinubu’s participation at the summit underscored Nigeria’s commitment to leveraging international partnerships to tackle energy deficits. His administration has been pushing for increased private-sector involvement in power generation, and this IFC-backed initiative is a testament to those efforts.
As the country anticipates the rollout of these mini-grid projects, all eyes will be on how effectively the funds are utilized to deliver tangible improvements in Nigeria’s energy landscape.
PIONEER NEWS 