Nigeria has secured about $83 million in financing backed by the International Finance Corporation to expand off-grid electricity access to rural and underserved communities. The funding, mobilised under the Distributed Access through Renewable Energy Scale-Up programme, was disclosed by the Head of the Nigeria Electrification Programme, Olufemi Akinyelure. The agreement was signed on the sidelines of the World Bank Group and IMF Spring Meetings 2026 and is expected to support private developers deploying solar mini-grids and home systems across communities lacking reliable power.
The initiative signals a shift from small scale pilot projects to large scale deployment of renewable energy solutions, aimed at improving electricity access for millions. Akinyelure described the move as a transition to execution at scale, noting that distributed renewable energy in Nigeria is now considered a viable and bankable market.
The financing is structured as a revolving debt facility backed by the IFC, combining concessional and commercial capital to provide long term, affordable funding for developers and accelerate project delivery in underserved areas.
The first phase of the programme includes developers such as Darway Coast, PriVida Power, Prado Power, GVE Projects, and StarTimes Smart Energy, with additional firms like Ashipa Energy, Eauxwell Nigeria, Ignite Power, Maskh Nigeria, Nayo Tropical Resources, and Paras Energy lined up for subsequent phases.
IFC Managing Director Makhtar Diop said the model demonstrates how blended finance can unlock large scale investment in the energy sector. Representatives of the Federal Government, including officials from the finance and digital economy ministries, said the investment aligns with broader plans to stimulate economic growth, improve living standards, and support Nigeria’s ambition of building a trillion dollar economy.
Nigeria continues to grapple with a significant electricity deficit, with millions of households and businesses relying on costly and polluting petrol and diesel generators. Through the Rural Electrification Agency, the government has been promoting distributed renewable energy solutions to bridge this gap.
Backed by a broader $750 million World Bank facility, the DARES programme aims to reach over 17.5 million Nigerians by 2028, building on earlier efforts that have already delivered more than 175 mini-grids and over 1.1 million solar home systems. Officials say the latest financing reflects growing investor confidence and is expected to accelerate access to clean, reliable power across the country.