IFC- PriVida Partnership
Nigeria’s potential has never been in doubt. The challenge is bringing the right partnerships and mobilizing private capital to unlock it. Energy is at the heart of that. At this year’s Spring Meetings, IFC – International Finance Corporation and Norfund announced a combined financing package of up to US$83.2 million under The World Bank Group‘s DARES Platform to expand access to reliable, renewable electricity across underserved communities in Nigeria. The moment was marked by IFC Managing Director Makhtar Diop opening remarks and leadership that enables us to get to this point. With more than 85 million Nigerians still without electricity, closing that gap requires investment that is targeted, scalable, and built for the long term. This is a major step in that direction.. Darway Coast Ltd, Prado Power , PriVida Power Limited, and StarTimes Energy (affiliate of StarTimes Nigeria) will deliver approximately 494,000 new electricity connections and 315 solar hybrid mini-grid sites, creating jobs and opening doors for businesses, including women-led enterprises. A special thanks to Sanyade Okoli, Special Adviser to the President on Finance and the Economy, and His Excellency Dr. ‘Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, for honoring us and sharing words of support. Special thanks to Damilola Ogunbiyi for her continuous partnership and leadership. Their attendance spoke to a shared commitment to closing Nigeria’s electricity gap, together. This is what showing up for #Nigeria looks like, and the commitment made today is only the beginning of the work ahead.