Thursday, March 23, 2023
Home World REA signs $395m deal to boost rural electricity in Nigeria

REA signs $395m deal to boost rural electricity in Nigeria

The Rural Electrification Agency (REA) says it has signed 267 agreements worth about $395 million to provide electricity to unserve and underserve Nigerians under the Nigeria Electrification Projects.
The Managing Director, Mr Salihijo Ahmad, who stated this in Abuja, said that the Nigeria Electricity Programme is currently being funded by the $350 million World Bank loan and $200 million African Development Bank (AfDB) loans to provide electricity to Nigerian communities.
He said that about $64.8 million of the commitments had been disbursed to private sector partners for the execution of the projects.
According to him, the programme is expected to provide off-grid reliable and clean electricity supply to 705,000 households, 90,000 micro, small and medium enterprises.
It would also provide 100 isolation and treatment centres and 400 primary healthcare centres in unserved and underserved areas of the country.
Ahmad said that over the years, REA had moved from just being an implementer of Federal Government projects in the sector to a hub and an enabler of business in the sector.
He said the agreements signed with private developers led to over a million connections across the country.
According to him, the financial for Nigeria to achieve net zero by 2060 is $1.9 trillion.

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He disclosed that to show that the nation is prepared for the energy transition, the Federal Government will employ a variety of REA renewable initiatives. He said on the financial implication that “what we have for net zero is $1.9trillion. Therefore, we need $ 10 billion annually.

Anita Otubu, the former head of the project management unit, added her voice to the discussion and mentioned that $64.8 million of the $350 million in World Bank funds for the NEF has already been distributed for implementation.

She claims 267 project agreements totalling $92 million have been signed, one for each community. However, only 67 of the 267 mini-grid projects had been finished.


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