ADVERTISEMENT
TechEconomy
Friday, May 30, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » REA Targets N100bn Local Financing in Power Sector

REA Targets N100bn Local Financing in Power Sector

Adetunji Tobi by Adetunji Tobi
October 18, 2024
in News
0
Power
Abba Aliyu, Managing Director, Rural Electrification Agency (REA).

Abba Aliyu, Managing Director, Rural Electrification Agency (REA).

RelatedPosts

Wale at ABoICT 2025

ABoICT 2025: Experts Warn ‘Digital Disaster Risks in Nigeria without AI Governance’

May 29, 2025

Giggles, Games and Greatness: Ibadan’s McEnies Children’s Day Ignites Happiness

May 29, 2025

Abba Aliyu, the Managing Director of Rural Electrification Agency (REA) said the Federal Government of Nigeria is working towards facilitating N100bn as local financing for the developers in the power sector. A process he claimed as already commenced.

He disclosed this at the ongoing Nigeria Energy Summit, held in Lagos and organized by Informa Markets, with the theme “Breaking Barriers to the New Energy Era: Clean, Reliable and Sustainable”. He also noted that the federal government plans to crystallize N1.1bn private sector funding for the power sector.

According to him, “In as much as we know, there are lots of challenges in terms of the electricity aspect, the Federal Government is committing a lot of resources and a lot of strategies to be able to address this electricity gap.

“Apart from the $750m that has already been provided by the current administration, we expect that the $750m would crystallize N1.1bn private sector funding as a co-financing requirement because we do not finance the entire infrastructure cost. We provide grants and subsidies as a way of catalyzing this private sector funding, and we are also working towards catalyzing N100bn as local financing for the developers, and this process has already started.”

The REA boss asserted that exploring other sources of power generation was critical, describing solar as easy to deploy. “However, we are asked by the minister to look at how we can leverage on small hydro, micro-hydro, biomass, and wind, and we are working in that direction. In the next two to three weeks, you will have seen a notice of tender that will be sent out for a micro mini grid that we are partnering with which is about 336-kilowatt micro hydro plants that we are about to start implementing.

“Also, we have earmarked small and micro hydros in Katsina, Ondo, Ekiti, Cross River, Nassarawa, and Sokoto, and we are also about to start that. This is in our effort to integrate the other sources of renewable energy into our energy access drive.”

According to Aliyu, 1.5 million Nigerians grew interconnected mini-grids to enhance electricity reliability. “Three million of them grew isolated mini-grids to create electricity access for the first time, and about 12 million of them grew a mesh grid, stand-alone system, and solar home system. This is what the country is doing, and this program is starting next month.

“We are also improving the commercial viability of the players, and this has started even before the outcome of the World Bank report,” he said.

“The private sector must improve their financial viability. The entire sustainability of the mini-grid, as with any project finance infrastructure, is reliably computed upon the financial viability of the player that is implementing this. Whether it is mini-grid, off-grid, or any infrastructure financing, that viability is subject to the commercial viability of the implementing app, whether it’s the private sector or public sector.

“So, in the off-grid, that financial viability is contingent upon how financially lucrative and capable are the private sectors that are deploying this infrastructure app,” he said.

In the same vein, Hakeem Disu, the co-founder of Lihon Energy, lauded the Nigerian energy transition. He stated that it was the most advanced compared to other African nations because of the opportunities to go through some of the energy transaction plans.

His words: “The mini green and solar system that is coming from the rural electrification agency is the way governments pointed out that we can use it to improve the livelihood and economic activities of the people in rural areas.

“The net project improves investors’ confidence in Nigeria; it is like a World Bank reward grant, like a carbon credit for businesses that are improving or providing electricity to people in rural areas. Over 75% of negotiations are very much interested in renewable energy.

“Over less than 20% of the Nigerian population are into agriculture and most of these people live in rural areas. There are so many ways this project can improve the lifelong activities of people living in rural areas by providing solar power irrigation to improve some sort of water irrigation and solar power dryer to preserve agricultural produce.”

Earlier in his opening remarks, Ade Yusuf, the Exhibition Director of Energy Portfolio-MEA, Informa Markets, said the African region was increasingly becoming a supply house for global economic growth, driven by its rich natural resources and the growing appetite for innovation and investment.

“Being in the market for 11 years now, the event has adapted to this new reality of the global conversation on sustainability, energy transition, and climate change. Across this dynamic region, energy markets are transforming at an unprecedented pace.

“In recent years, we have shifted our focus to reflect the growing importance of renewable energy, energy efficiency, and the digitalization of the energy sector. We aim to create a conducive environment for policy development, investment attraction, technology adoption, and the renewable energy sector,” he said.

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Previous Post

Vivajets to Unveil Novel Crew Outfit at Lagos Fashion Week

Next Post

Nigeria Secures $119 Million Investment for Tech Hubs, MSMEs from Gluwa and Ericsson

Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Related Posts

Wale at ABoICT 2025
News

ABoICT 2025: Experts Warn ‘Digital Disaster Risks in Nigeria without AI Governance’

by Latifat Fashina
May 29, 2025
0

As artificial intelligence (AI) continues to transform the global digital landscape, two prominent technology leaders have issued urgent warnings and...

Read more
McEnies Children's Day Ibadan

Giggles, Games and Greatness: Ibadan’s McEnies Children’s Day Ignites Happiness

May 29, 2025
SystemSpecs

SystemSpecs Announces Winners of Sixth Essay Competition

May 29, 2025
Leste Aihevba, chief technical officer, Asharami Energy,

Asharami Energy Reaffirms Commitment to Local Capacity Development

May 29, 2025
Anambra e-Governance | Governor Charles Soludo of Anambra State

Anambra Ranks among Top Three States in E-Governance

May 28, 2025
Tony Elumelu Foundation - TEF

Tony Elumelu Foundation (TEF): 21,059 Grant Recipients Generating $4.2Bn Revenue, Lift 2.1 Million Africans out of Poverty 

May 28, 2025
Next Post
Nigeria Secures $119 Million Investment for Tech Hubs, MSMEs from Gluwa and Ericsson

Nigeria Secures $119 Million Investment for Tech Hubs, MSMEs from Gluwa and Ericsson

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.