Agency, Bank Champion Innovation, Investment For Renewable Energy Transition

Stakeholders at the Nigeria Renewable Energy Innovation Forum (NREIF) have called for increased innovation, collaboration, and targeted investment to accelerate Nigeria’s transition to renewable energy and achieve sustainable power access for all.

The two-day forum, organised by the Rural Electrification Agency (REA) in Abuja recently, brought together policymakers, private sector players, equipment manufacturers, and development partners to explore strategies for enhancing local manufacturing, financing, and distribution of renewable energy solutions across the country.

In his address, Vice President Kashim Shettima emphasised the critical role of private sector participation in driving Nigeria’s energy transition. He urged stakeholders to embrace the Federal Government’s “Nigeria First” policy by prioritising local content development and investments that promote homegrown renewable energy solutions.

“We are improving local manufacturing incentives, refining regulatory frameworks, and enhancing collaboration with state governments and investors to de-risk private capital and accelerate the growth of a sustainable renewable energy market,” the vice president said.

REA’s managing director and chief executive officer, Abba Aliyu, stressed that Africa must not be sidelined in the global energy transition discourse. He noted that despite having nearly 60 per cent of the world’s best solar resources, Africa attracts less than three per cent of global renewable energy investment.

“The task ahead is clear — we must transform this advantage into a competitive edge by building industries, fostering innovation, and creating local value,” Aliyu stated.

Adding the private sector perspective, George Ogbonnaya, Divisional Head of Business Banking at First City Monument Bank (FCMB), underscored the importance of financial innovation and public-private partnerships in scaling renewable energy adoption across Nigeria.

“Nigeria’s renewable energy transition demands shared commitment. Unlocking over $400 million in investment will require strong government and private sector collaboration to expand access, accelerate local manufacturing, and strengthen energy infrastructure,” Ogbonnaya said.

He added that FCMB has remained at the forefront of financing renewable energy projects and empowering developers and end-users through capacity-building initiatives.

Recently, the bank partnered with the REA to provide a N100 billion loan facility under the Distributed Access through Renewable Energy Scale-Up (DARES) programme. The facility aims to deliver power to two million households in unserved and underserved communities nationwide.