Nigeria has secured about $83 million in financing backed by the International Finance Corporation to expand off-grid electricity access in rural and underserved communities.
The funding, mobilised under the Distributed Access through Renewable Energy Scale-Up (DARES) programme, was confirmed by Olufemi Akinyelure, who described it as a major step toward bridging the country’s power gap.
The agreement was signed during the World Bank Group and IMF Spring Meetings 2026 in Washington, D.C., and will support private developers deploying solar mini-grids and home systems.
“This marks a shift from programme design to execution at scale. Distributed renewable energy in Nigeria is now a bankable market, not a pilot segment,” Akinyelure said.
The initiative is expected to accelerate electricity access, boost economic activity, and reduce reliance on fossil fuel generators.
IFC Managing Director Makhtar Diop added:
“This demonstrates how blended finance can address ecosystem constraints at scale. Nigeria is leading the way.”
Government officials also reaffirmed their commitment to attracting investment and improving living standards, while the programme aims to reach over 17.5 million Nigerians by 2028.
