US Agency for International Development, USAID, yesterday, revealed that 85 million Nigerians do not have access to electricity. This is even as it has mobilized about $4.5 million for on-grid and off-grid power in the country.
This was disclosed by the Mission Director for USAID, Melissa Jones. She stated this at a conference themed, “Powering Nigeria: Mobilizing Private Capital” organized by Chapel Hill Denham in collaboration with USAID, Proper Africa and Power Africa, in Lagos.
Speaking at the event, she noted that the private sector is key to financing infrastructure development in the country.
According to the reports, those that attended the event included domestic investors and private sector companies. These are companies that wield over N20 trillion in institutional capital and investment expertise. These include power, renewable energy, agriculture, and water, sanitation and hygiene; all of which are essential for boosting economic growth.
She said “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.”
She added that, “USAID, through the Power Africa and Prosper Africa Initiatives and Chapel Hill Denham are tackling these challenges.
Jones pointed that USIAD is mobilizing investment in Nigeria’s electricity supply industry.
“To date, the partnership has mobilized N245 billions of institutional capital into priority infrastructure projects across Nigeria. This includes N33 billion for renewable energy projects to provide reliable clean energy to low-income consumers”.
Speaking at event, the Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun expressed gratitude to the USAID.
He 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 and accelerating the attainment of the Sustainable Development Goals. It also enables sustainable prosperity and creating jobs and opportunities for Nigerians.”
Speaking on the partnership, Balogun said, “USAID and Chapel Hill Denham endeavor to leverage the showcased infrastructure innovations. This, he said, is to facilitate real infrastructure transactions and attract investment into the Nigerian economy. Thereby generating substantial developmental impact.”
source: Vanguard
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