Nigeria Attracts $188m Green Investment To Accelerate Off-grid Electrification

Nigeria has attracted a $188 million Green Finance Investment Facility (GFiF) aimed at accelerating off-grid electrification and expanding renewable energy access across the country.

The facility, launched in Lagos, is a blended finance platform designed to mobilise large-scale private and institutional investment into distributed renewable energy infrastructure, particularly for underserved households, communities, and businesses.

The initiative is being driven through a partnership involving the Rural Electrification Agency, UK PACT, First City Monument Bank, Barton Heyman Limited and ARM Harith Infrastructure Investment Limited.

The platform seeks to finance 191 megawatts of distributed solar energy capacity nationwide under efforts to strengthen electricity access through decentralised renewable energy solutions.

The project also supports the Distributed Access through Renewable Energy Scale-Up (DARES) programme.

Speaking at the launch, managing partner of Barton Heyman Limited, Olumide Lala, described the initiative as a market-driven financing model capable of unlocking large-scale private capital for Nigeria’s energy transition.

According to him, the facility is expected to directly impact more than one million Nigerians by improving access to reliable electricity.

“The Green Finance Investment Facility is more than a financing arrangement. Nigeria’s distributed renewable energy sector can be financed through a private-sector framework that combines sovereign pipelines, results-based funding, and commercial loans to attract investment at scale,” he said.

Senior partner at Barton Heyman, Anthony Feyitimi, noted that the initiative would boost economic productivity by enabling businesses and communities to access stable electricity supply.

He stated that the platform’s long-term ambition is to mobilise up to $40 billion to finance 20 gigawatts of distributed renewable energy infrastructure across the country.

Managing mirector of the Rural Electrification Agency, Abba Aliyu, said the initiative addresses one of the major challenges confronting renewable energy deployment in Nigeria, limited access to finance.

He explained that the partnership was designed to ensure communities without reliable electricity gain improved access to power through sustainable energy solutions.

Also speaking, senior Vlvice president and divisional head, Business Banking Group at FCMB, George Ogbonnaya, said the bank had committed N100 billion in debt financing to support the DARES programme.

According to him, FCMB is currently financing several mini-grid developers and supporting projects aimed at connecting more than two million households to electricity.

Chief investment officer at ARM Harith Infrastructure Investment Limited, Derek Chime, called for stronger collaboration among stakeholders to deepen investment in renewable energy infrastructure.

Deputy head of Mission at the British High Commission, Simon Fin-flighttttttaffirmed UK PACT’s commitment to strengthening green finance frameworks and promoting renewable energy adoption in Nigeria.

Special adviser on Climate Change and Circular Economy to the governor of Lagos State, Titilayo Oshodi, stressed the need for coordinated investments, innovation, and supportive policies to accelerate sustainable energy access.

Stakeholders noted that Nigeria continues to face major electricity access challenges, with millions of homes and businesses lacking reliable power supply, adding that initiatives like the GFiF would help mobilise long-term capital and reduce investment risks in the renewable energy sector.