The United States government, through the U.S. Agency for International Development (USAID) and leading Nigerian investment bank Chapel Hill Denham, have to date, mobilised N245 billion of institutional capital into priority infrastructure projects across Nigeria.
It also includes N33 billion for renewable energy projects to provide reliable clean energy to low-income consumers.
This was disclosed on Wednesday at a conference, on “Powering Nigeria: Mobilising private capital”, to encourage private investment in Nigeria’s 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.
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.
USAID, through the Power Africa and Prosper Africa initiatives, and Chapel Hill Denham are tackling these challenges by mobilising investment in Nigeria’s electricity supply industry.
Speaking at the conference, Melissa Jones, USAID Mission director to Nigeria, emphasised how investing in infrastructure supports development goals, drives innovation, creates jobs, and ensures long-term profitability for businesses and investors alike. She continued,
“The government, private sector, academia, and investors must work together to create an enabling environment for the power sector’s growth and the adoption of renewable energy while ensuring reasonable returns and protections for private investors.”
Bolaji Balogun, CEO, Chapel Hill Denham, commenting on the conference, said, “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, USAID and Chapel Hill Denham endeavour to leverage the showcased infrastructure innovations to facilitate real infrastructure transactions and attract investment into the Nigerian economy, thereby generating substantial developmental impact.
