Nigeria has secured approximately $83 million in financing backed by the International Finance Corporation to expand off-grid electricity access in rural and underserved communities.
A move authorities say marks a significant step toward closing the country’s power gap.
According to the statement, the money was raised through the Distributed Access through Renewable Energy Scale-Up initiative.
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The statement also claims that the funding arrangement, which was negotiated outside of the World Bank Group and IMF Spring Meetings 2026 in Washington, D.C., will assist private developers in installing solar household systems and mini-grids in areas without dependable electricity.
The endeavour, according to the program, represents a change from pilot projects to the widespread implementation of off-grid renewable energy solutions with the goal of enhancing millions of Nigerians’ access to electricity.
The finance structure, he continued, will stimulate economic activity in disadvantaged areas and expedite the delivery of power solutions to communities.
Companies including Darway Coast, PriVida Power, Prado Power, GVE Projects, and StarTimes Smart Energy are part of the initial fundraising round.
Additionally, the statement, the funds are set up as an IFC-backed revolving debt facility that is intended to give renewable energy entrepreneurs long-term, reasonably priced funding. The strategy accelerates deployment across several areas by combining commercial and concessional funding.
“This demonstrates how blended finance can address ecosystem constraints at scale. Nigeria is leading the way,” said IFC Managing Director, Makhtar Diop.
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Sanyade Okolie, Special Advisor on the Economy, spoke on behalf of Wale Edun, Minister of Finance and Coordinating Minister of the Economy, and stated that the Federal Government is still dedicated to luring investment that raises living standards.
According to Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, the investment is in line with the government’s overarching goal of creating a more robust, technologically advanced economy.
The goal of the DARES program, which is supported by a $750 million World Bank loan, is to increase access to electricity by means of renewable energy projects run by private companies. It seeks to increase energy access in rural and peri-urban areas while lowering reliance on fossil fuel generators.
In addition to deploying roughly 465 megawatts of distributed renewable energy capacity, the Nigeria Electrification Programme aims to benefit over 17.5 million Nigerians by 2028 and has already reached over 4.1 million Nigerians.
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Meanwhile, over than 1.1 million solar residential systems and more than 175 mini-grids have been installed nationwide as a result of previous electrification initiatives.
According to officials, the most recent $83 million financing is anticipated to hasten millions of families’ and small companies’ access to electricity and demonstrates growing investor trust in Nigeria’s renewable energy sector.
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