The Managing Director of the Rural Electrification Agency (REA), Abba Aliyu, has unveiled the Federal Government's ambitious plans to invest N1.1 billion in the power sector, aimed at significantly enhancing electricity access across Nigeria. This announcement was made during a recent presentation detailing the agency's strategies and funding initiatives for the upcoming fiscal year.
In his address, Aliyu emphasized the critical need for increased investment to address the energy gap affecting millions of Nigerians. With approximately 85 million citizens lacking reliable electricity access, the REA is committed to implementing innovative solutions and leveraging diverse funding sources to meet this challenge.
The REA aims to electrify 17.5 million Nigerians through various projects, including solar mini-grids and home systems, which will be deployed across Nigeria’s six geopolitical zones.
The N1.1 billion investment is part of a broader strategy that includes a recently secured $750 million from the World Bank. This funding is expected to catalyze an additional $1.1 billion from private sector investments, bringing total project funding to approximately $1.8 billion.
Aliyu noted that the agency has optimized its project delivery through advanced technologies and effective monitoring systems, ensuring transparency and accountability in fund utilization.
The REA is actively engaging with both governmental and non-governmental partners to enhance its capacity for project execution. This collaborative approach is designed to create a sustainable energy future for Nigeria.
Aliyu stated, “We do not rely solely on federal budgeting; we are exploring innovative funding mechanisms to bridge the energy gap. Our partnership with international financial institutions will play a crucial role in our success.”
The REA’s plans align with the Federal Government's commitment to reforming the power sector under the new Electricity Act, aiming for a more integrated and efficient energy framework that supports economic growth and development.