FG approves $750m World Bank loan for rural electrification project

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/CEO of the Rural Electrification Agency, Abba Aliyu, disclosed this Tuesday, May 21, at a forum in Lagos.

According to Aliyu, the loan was approved to close the gap between Nigerians who have electricity and those without electricity.

He added that 23% of the 85 million unelectrified Nigerians will be provided with electricity when the project is completed.

“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% of the total unelectrified Nigerians, and we are very clear about how we want to achieve that.