President Bola Tinubu has secured $70 million in funding from the International Finance Corporation (IFC) to support mini-grid projects in Nigeria.
The financing was obtained at the Africa Energy Summit, which concluded on Tuesday in Dar es Salaam, Tanzania.
It forms part of a $1 billion facility established by the IFC through grants from the Rockefeller Foundation and the African Development Bank.
Read also: Renewable energy in Nigeria – Projects, investments, and future Prospects
Nigeria is the first beneficiary of this initiative, according to Makhtar Diop, IFC’s managing director.
“Yesterday, President Tinubu signed the first project using this facility, yesterday we signed for $70 million,” Diop announced during a session at the summit.
He further explained that the fund was designed to support renewable energy projects.
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