Power Africa, the U.S. government’s initiative to help improve access to electricity across the continent, is helping Nigeria to access innovative private sector financing that will provide clean, safe, affordable and reliable electricity to market places, shopping centers, and industrial facilities across Nigeria
Fully funded by the private sector, a new Energizing Economies Initiative (EEI) by Nigeria’s Rural Electrification Agency (REA) will support rapid deployment of off-grid electricity solutions that aim to provide electricity access to over 80,000 retail shops, empower 340,000 micro, small and medium size enterprises, and create over 2,500 jobs while serving over 18 million Nigerians.
Nigeria’s flagship Power Africa intervention, the Nigeria Power Sector Support Programme (NPSP), worked with the REA and the Central Bank of Nigeria to develop an innovative financing solution that resulted in over $1.5 million of local lending into EEI, increasing Nigeria’s capacity to self-finance development objectives. NPSP is managed by the U.S. Agency for International Development (USAID)
News source: https://www.newtelegraphng.com/2019/11/power-africa-helping-nigeria-boost-off-grid-electricity/