In a major push to accelerate clean energy deployment across Nigeria, the Rural Electrification Agency (REA) has signed a ₦100 billion financing agreement with First City Monument Bank (FCMB) to support renewable energy projects targeting underserved communities.
The partnership, announced on Thursday, aims to enhance energy access through the deployment of solar mini-grids, standalone systems, and other sustainable power solutions. The initiative is expected to benefit millions of Nigerians, particularly in off-grid rural areas.
Managing Director of REA, Ahmad Salihijo Ahmad, described the agreement as a strategic milestone in bridging Nigeria’s energy gap. “This collaboration with FCMB will unlock critical funding for private developers working to electrify unserved and underserved areas,” he said.
FCMB’s Managing Director, Yemisi Edun, reaffirmed the bank’s commitment to financing climate-resilient infrastructure and supporting Nigeria’s energy transition goals. “This ₦100 billion facility will catalyze innovation and scale in the clean energy space,” she noted.
The deal is part of REA’s broader efforts to leverage private sector financing in delivering sustainable energy, aligned with Nigeria’s commitment to achieving universal electricity access and reducing carbon emissions.
