A major push to expand electricity access in Nigeria has been unveiled, as the Rural Electrification Agency, in partnership with First City Monument Bank, UK PACT, Barton Heyman Limited, and ARM Harith Infrastructure Investment Limited, announced a $188 million financing initiative targeting 191 megawatts (MW) of distributed solar energy.
The initiative is anchored on the newly launched Green Finance Investment Facility (GFiF), a blended finance platform designed to mobilise private and institutional capital into Nigeria’s distributed renewable energy sector. It also supports the Distributed Access through Renewable Energy Scale-Up (DARES) programme, a national effort to expand electricity access through mini-grids and off-grid solar solutions.
Launched in Lagos, the facility is expected to accelerate energy access for households, communities, and small businesses, particularly in underserved and off-grid areas across the country.
Speaking at the launch, Olumide Lala, Managing Partner of Barton Heyman Limited, said the platform represents a market-driven model capable of unlocking large-scale private capital for Nigeria’s energy transition.
He noted that the initiative is designed to support over one million Nigerians and described it as the first step in a broader ambition to raise $40 billion to finance 20 gigawatts of distributed renewable energy.
Another senior partner at Barton Heyman, Anthony Feyitimi, said the facility combines sovereign pipelines, results-based funding, and commercial capital into a replicable financing structure aimed at scaling clean energy infrastructure nationwide.
According to him, every megawatt financed translates into improved economic activity, stronger supply chains, and more productive communities.
Abba Aliyu, the Managing Director of the REA, said access to finance remains one of the biggest barriers to renewable energy deployment in Nigeria, adding that the new facility is designed to address that gap directly.
He said the partnership brings together key stakeholders to ensure communities without reliable electricity can gain access through sustainable energy solutions.
George Ogbonnaya, FCMB’s Senior Vice President, Business Banking Group, highlighted the bank’s growing footprint in renewable energy financing, noting that it has committed ₦100 billion in debt financing for the DARES programme.
He said the bank is currently supporting multiple mini-grid developers and has financed over 42 mini-grid projects aimed at connecting more than two million households across Nigeria.
Other partners, including ARM Harith Infrastructure Investment Limited and UK PACT, reaffirmed their commitment to strengthening green finance frameworks and accelerating renewable energy adoption in the country.
The $188 million pilot phase is expected to serve as a foundation for scaling Nigeria’s clean energy transition while attracting broader global investment into the sector.
