• Sunday, April 21, 2024
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NSIA, All On join forces to light up Nigeria’s remote communities

NSIA partners ‘All On’ on renewable energy deepen deployment

The Nigeria Sovereign Investment Authority (NSIA) is partnering with’All On’, a Nigerian impact investor, to deepen the deployment of renewable energy to power-deprived communities in the country.

Caroline Eboumbou, the managing director at All On, in a statement sent to BusinessDay on Monday, said that the project which deals with deploying distributed renewable energy (DRE), will utilise small-scale solutions like solar mini-grids and home systems to reach areas unreached by traditional grid infrastructure.

According to her, “DRE offers agility and efficiency, capable of illuminating remote villages and towns overlooked for far too long. Mini-grids alone hold the potential to empower millions of low-income households and small businesses while generating a staggering $10 billion in annual revenue, a tantalising prospect for a nation grappling with energy challenges.

“However, unlocking this bright future requires more than just technology. This is where All On’s Demand Aggregation for Renewable Technologies (DART) programme steps in. Launched in 2022, DART acts as a powerful catalyst, bringing together multiple DRE developers negotiating advantageous prices for renewable energy components and securing financing from commercial lenders.

“In less than two years, DART has funded 12 companies, paving the way for over 40 mini-grids and 47,000 connections. Over 230,000 lives and businesses are set to be positively impacted, a testament to DRE’s transformative power.

“One is the Chito Community project in Benue State. This 350KW mini-grid, the largest isolated project in the state, will positively impact over 7,000 households and businesses, opening doors to new possibilities and economic growth.”

She noted that the impact of DRE extends far beyond mere illumination; clean, reliable energy fosters economic development, empowers entrepreneurship, and strengthens healthcare services.

“It empowers communities, particularly women, to participate meaningfully in the economy and shape their destinies.”

Aminu Umar-Sadiq, managing director of NSIA called for continued investment from development partners, providing both capital and technical assistance. He also challenged the private sector to innovate and develop scalable, affordable DRE solutions.

“We are committed to leading the charge in this collective effort. We are working closely with partners to address the barriers to DRE adoption and to scale up its deployment across Africa. We believe that DRE is not just a solution to energy poverty, but a catalyst for a more sustainable, equitable, and prosperous future.”