Nigeria and partners aim to raise $188 million for 191 MW of solar power.

The Nigerian government, through the Rural Electrification Agency (REA), announced plans to raise a $188 million fund in partnership with several stakeholders to finance a 191‑megawatt solar energy project.

REA released the information in a statement on Wednesday.

The federal government said the fund will be created together with First City Monument Bank, Barton Heyman, UK PACT, and ARM‑Harith Infrastructure Investment Ltd. The goal is to provide electricity to rural communities across Nigeria.

The government added that the fund is part of the Green Finance Investment Facility and will help decentralise renewable energy solutions throughout the country.

Abba Aliyu, Managing Director of the REA, explained that the initiative directly tackles one of the sector’s biggest challenges—access to finance.

“The Green Finance Investment Facility can tackle access to finance, one of the main barriers to renewable energy deployment. Today’s launch is the outcome of a strategic partnership created to ensure communities lacking reliable power can access electricity. We are proud of what this facility signifies for Nigeria’s energy future,” he said.

Other stakeholders highlighted that financing is essential for mobilising long‑term capital, reducing investment risks, and speeding the deployment of clean‑energy solutions to power communities nationwide.