All On investments commitment into Nigeria rises to $16m by 2021
All On, a Nigerian off-grid energy impact investment company seeded by Shell says it has increased its investment commitment to Nigeria’s offgrid venture by 300 percent to $16 million as of October 2021, a development that has continued to unlock energy access for thousands of households in Nigerian communities.
According to All On’s investment manager Afolabi Akirogunde, the company has increased the number of investees from 10 in 2018 to 30 as of October 2021 while investment commitment has also grown from under $4 million in 2018 to over $16 million as of 2021.
“The company is expecting up to 50percent growth in the number of its investments, and up to 70percent growth of its commitment to the energy of grid off space within Nigeria,” Akirogunde said at a virtual meeting with journalists.
He noted that in addition to core investment activities, the company is also playing a very catalytic role in facilitating third-party investments, a development that is critical to the progress of Nigeria’s off-grid sector.
Also, All On’s CEO Wiebe Boer said there are multi-billion dollar opportunities in Nigeria’s mini-grid sector which can provide quality, reliable, affordable, cleaner energy solutions to millions of Nigeria’s homes without harming the environment.
“It’s a big business but it also means that we have a market to go after,” Wiebe said at the virtual event.
All On is Shell’s efforts to catalyse market-based energy solutions that are attractive, affordable and sustainable for small businesses and households in Nigeria, through the establishment of an independent, impact investing fund focused on improving energy access in the Niger Delta.
The company’s strategy is to unlock energy access for these communities through a multi-faceted approach that combines investment, technical support and ideas on market development. On primarily operates as an impact investor, making direct investments in companies providing power to low income communities and SMEs.
The company has awarded millions of dollars to early-stage off-grid energy companies and start-ups in Nigeria. It recently partnered with Infibranches Technologies Limited to help bridge the energy distribution gap in underserved rural and peri-urban areas of Nigeria.
There are over 80 million people in rural areas without access to power and over 40 million people in semi urban areas with limited supply from a failing national grid. The scale of this problem should scare anyone.
“Obviously, when a challenge is big it doesn’t mean it’s insurmountable but it also means that there’s an opportunity to do something about it,” Boer said.