The Federal Government has approved a $750m World Bank funding for the construction of 1,200 mini-grids in rural communities across Nigeria.
The Managing Director/Chief Executive Officer of the Rural Electrification Agency, Abba Aliyu, disclosed this Tuesday while addressing newsmen at the Alliance for Rural Electrification Energy Access Forum held in Lagos.
According to Aliyu, President Bola Tinubu approved the fund for the Distributed Access through Renewable Energy Scale-up project, which aimed at providing energy access to Nigerians in rural communities.
Aliyu noted that about 19 million of the 85 million Nigerians without access to energy would be provided electricity under the scheme.
While noting that Nigeria has the highest electricity gap in the world, Aliyu stated that the Federal Government was doing a lot to bridge the gap.
The REA boss explained that the fund would be used as a capital subsidy to incentivise the private sector to electrify 23 per cent of the total unelectrified Nigerians.
ALSO READS:
- NNPCL refutes separate recruitment process for the Port Harcourt Refinery
- Presidential Villa in black out As Vandals remove 132KV underground cables
- Eterna Plc announces Adeosun as new MD/CEO
- CNG: With over $400m investments, refueling capacity hits 56 – Farouk
- Kyari calls for forensic audit of NNPCL’s accounts
“The Federal Government, under the leadership of President Bola Tinubu approved the Biggest public sector-funded off-grid project across the entire world. It is a $750m project where REA will use that funding as a capital subsidy to incentivise the private sector to electrify 23 per cent of the total unelectrified Nigerians, and we are very clear about how we want to achieve that.
