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  • Oil & Gas - News
  • Updated: October 23, 2023

Renewable Energy Sector Attracts $2 Billion Investment Over A Decade ― FG

Renewable Energy Sector Attracts $2 Billion Investment Over

President Tinubu

The Federal Government revealed over the weekend that over $2 billion in investments have been made in the renewable energy sector over the last ten years.

The Rural Electrification Agency announced this and added that in order to advance these achievements, it had cooperated with the World Bank, African Development Bank, Rocky Mountain Institute, Global Alliance for People and Planet, and Japan International Cooperation Agency.

Additional organisations include the United States Agency for International Development, Sustainable Energy for ALL, Agence Française de Développement, the United Kingdom Nigeria Infrastructure Advisory Facility, the European Union, and the United Nations Industrial Development Organisation.

The Director, Promotion and Outreach, Mutari Ibrahim, who disclosed this in a statement issued in Abuja, said, “From 2020 to date, REA has provided power to over 7.5 million people including 1.5 million households, delivering 130 mini-grid projects, including 1.3 million standalone home systems.

"The agency has equally deployed over 1,650km of solar street lights, improving power, security, and economic growth in rural areas.

“REA completed 1,403 projects under the capital budget, delivering solar street lights, mini-grid projects, standalone home systems, and grid extension works.

"Through various programmes, including Energizing Education Programme, Energising Agriculture Programme, Beyond COVID-19, and Economic Clusters, REA delivered over 65 megawatts of power across Nigeria’s six geo-political zones.

“REA has delivered over 500MW of power, electrified numerous communities, created 500,000 new jobs, and attracted over $2bn in investments in the renewable energy sector over the past decade.”

According to the Federal Government agency, the REA obtained an extra N4 billion in capital infusion funding in 2022 as part of the National Poverty Reduction and Growth Strategy project.

It stated that more than 50,000 locations, including rural houses, microbusinesses, schools, and religious institutions, would have clean power standalone home systems thanks to the grants.

“Most recently, on the back of the success of the Nigeria Electrification Project, REA negotiated and secured the advance approval of a $750m facility with the World Bank to expand renewable and rural electrification initiatives, providing additional resources to Nigeria during a challenging period.

“In response to subsidy removal, REA is implementing interventions to develop electric mobility, mini-grids, distribute home systems, and deploy streetlights, potentially supporting up to 250,000 households in the coming year,” the agency stated.

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