NSIA, All On Partner to Bring Renewable Energy to Underserved Communities in Nigeria
By Patience Ikpeme
A groundbreaking collaboration between the Nigeria Sovereign Investment Authority (NSIA) and All On aims to tackle energy poverty in Nigeria by introducing Distributed Renewable Energy (DRE) solutions to communities lacking access to reliable electricity.
The Managing Director of All On, Caroline Eboumbou spoke about the flexibility and efficiency of Distributed Renewable Energy (DRE) in reaching remote areas that lack traditional grid infrastructure. She emphasized the transformative potential of mini-grids, predicting an impressive $10 billion in annual revenue and the positive impact on low-income households and small businesses.
All On’s Demand Aggregation for Renewable Technologies (DART) programme, initiated in 2022, will play a pivotal role in the deployment of DRE. DART serves as a powerful catalyst, uniting various DRE developers to negotiate advantageous prices for renewable energy components and secure financing from commercial lenders.
Eboumbou shared the success story of DART, funding 12 companies and facilitating the implementation of over 40 mini-grids and 47,000 connections. These initiatives are anticipated to positively impact the lives of more than 230,000 individuals and businesses.
Notably, the Chito Community project in Benue State, featuring a 350KW mini-grid, is set to transform the lives of over 7,000 households and businesses, heralding new opportunities for economic growth.
The impact of DRE extends beyond basic lighting up communities; it drives economic development, fosters entrepreneurship, and fortifies healthcare services. Its effects are particularly significant in empowering women to actively participate in the economy and carve their own pathways to success.
Aminu Umar-Sadiq, MD/CEO of NSIA, stressed the importance of continued investment from development partners and urged the private sector to innovate and develop scalable, affordable DRE solutions. He reaffirmed NSIA’s commitment to spearheading this collective effort to overcome barriers to DRE adoption and expand its implementation across Africa.
At the core of NSIA’s efforts lies the Renewable Investment Platform for Limitless Energy (RIPLE), designed to broaden energy access to underserved segments of the population by replacing diesel-powered generation for commercial and industrial consumers.
Umar-Sadiq highlighted NSIA’s dedication through initiatives such as the Construction Finance Warehouse Facility (CFWF), a N10 billion facility unlocking long-term capital for sustainable greenfield infrastructure projects, thus attracting further investment through domestic capital markets.
However, Umar-Sadiq emphasized the crucial need for enabling policies, financial incentives, and streamlined regulatory processes to enable DRE to reach its full potential and bring about substantial change.