The World Bank is set to drive clean-energy solution in Nigeria and across Africa with the new $90 billion electricity fund. Through the fund, it aims to provide reliable power supply to 300 million people across Nigeria and Africa by the year 2033. To achieve this, it will support 15 clean energy projects across 11 African countries, including Nigeria, Burkina Faso and Mozambique.
Through this program, countries can boost their funding opportunities by committing to reforms that promote the development of renewable energy sources. The goal is to advance clean-energy solutions, with a focus on technologies like mini-grids
Also, this initiative, which is a component of the Mission 300 program, seeks to evaluate and assist projects in obtaining funding, provided they align with the program’s established criteria.
According to information from the World Bank, the initiative will positively impact over 17.5 million Nigerians, equating to 20% of the country’s unserved demographic, while also phasing out more than 250,000 diesel generators that are both costly and detrimental to the environment.
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In addition, it will tackle the electricity access shortfall in Nigeria by ensuring electricity availability for more than 17.5 million Nigerians through the implementation of renewable energy solutions.
