US Agency for International Development (USAID), yesterday, said that 85 million Nigerians do not have access to electricity, even as it has mobilized about $4.5 million for on-grid and off-grid power in the country.
Melissa Jones, Mission Director for USAID, disclosed this at the a conference themed, “Powering Nigeria: Mobilizing Private Capital” organized by Chapel Hill Denham in collaboration with USAID, Proper Africa and Power Africa, in Lagos , noting that the private sector is key to financing infrastructure development.
Attendees included domestic investors and private sector companies who wield over N20 trillion in institutional capital and investment expertise in power, renewable energy, agriculture, and water, sanitation and hygiene; all of which are essential for boosting economic growth.
She said “With over 85 million citizens lacking access to electricity, Nigeria has the highest number of people living without electrical power in the world. This lack of access directly impacts Nigeria’s ability to achieve meaningful growth as a lack of reliable electricity limits productivity and restricts economic expansion.”
Continuing, Jones added, “USAID, through the Power Africa and Prosper Africa Initiatives and Chapel Hill Denham are tackling these challenges by mobilizing investment in Nigeria’s electricity supply industry. To date, the partnership has mobilized N245 billion of institutional capital into priority infrastructure projects across Nigeria, including N33 billion for renewable energy projects to provide reliable clean energy to low-income consumers”.
Commenting on the conference, Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, stated: “We are pleased to partner with the US government to advance Prosper Africa and Power Africa Initiative goals. Investing in infrastructure is pivotal to Nigeria’s development, accelerating the attainment of the sustainable development goals, enabling sustainable prosperity, and creating jobs and opportunities for Nigerians.”
Looking ahead, he said: “USAID and Chapel Hill Denham endeavor to leverage the showcased infrastructure innovations to facilitate real infrastructure transactions and attract investment into the Nigerian economy, thereby generating substantial developmental impact.”