IFC Invests $70 Million in Nigerian Firms to Boost Renewable Energy Access
The International Finance Corporation (IFC) has announced a $70 million investment in five Nigerian firms to support the country’s efforts to enhance distributed access to renewable energy through Mission 300.
The Minister of Finance and Coordinating Minister of the Economy in Nigeria, Wale Edun, made this announcement during the formal launch of the Country Private Sector Diagnostic (CPSD) by the World Bank group in Abuja. The CPSD includes the World Bank, IFC, and the Multilateral Investment Guarantee Agency (MIGA).
Edun commended IFC for its support of private sector initiatives in Nigeria, citing examples such as the $1.2 billion funding for Indorama fertilizer and $70 million allocated to FCMB for SME financing. He also highlighted the backing under Mission 300, a joint initiative by the World Bank and the African Development Bank (AfDB).
Mission 300 aims to provide electricity to 300 million Africans by 2030, addressing the significant energy deficit on the continent where 600 million people currently lack access to electricity.
According to Edun, the $70 million IFC support to five Nigerian companies is a key part of Mission 300 and represents the latest transaction under this project.
Edun also highlighted the improvements in security, leading to increased oil production, higher revenue generation, and a stable economic environment that encourages private sector investment.
He emphasized the government’s commitment to assisting the poorest and most vulnerable citizens amidst rising living costs. Edun acknowledged the challenges posed by inflation spikes, elevated living expenses, and currency fluctuations but assured that efforts are underway to boost food production, lower costs, and implement social safety net programs with support from the World Bank.
