REA And NASENI Forge Alliance For Rural Electrification In Nigeria

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At the 28th Conference of the Parties (COP28), the Rural Electrification Agency (REA) and the National Agency for Science and Engineering Infrastructure (NASENI) solidified their commitment to advancing rural electrification in Nigeria through a Memorandum of Understanding (MoU) signed on Sunday, December 3rd.

Months of ongoing discussions culminated in this strategic partnership, focusing on boosting electricity access in rural areas in Nigeria. NASENI, emphasising the importance of the MoU, highlighted its role in delivering clean electricity to underserved regions. The agreement entails not only technological assistance but also advisory support to aid the Rural Electrification Agency in executing projects within remote communities.

The collaborative effort aims to leverage NASENI’s research capabilities and provide cutting-edge technology to enhance the efficiency of clean energy initiatives. The shared objective is to ensure sustainable, long-lasting electricity solutions while maintaining environmental integrity.

Khalil Halilu, CEO of NASENI, expressed enthusiasm about the collaboration’s potential impact on the Nigeria Electrification Project (NEP), particularly in extending electricity access to communities currently lacking such amenities.

This synergistic approach not only enhances the capabilities of both agencies but also signals a commitment to utilising innovative ideas and technology to foster growth and improve the quality of life for the people of Nigeria.

On the sidelines of the COP28 summit, Ahmad Salihijo, CEO of the Rural Electrification Agency, provided insights into their ongoing efforts, citing the successful implementation of over 100 solar hybrid mini-grid projects and the distribution of over 1.6 Million Solar Home Systems across Nigeria.

In addressing the challenges of securing funding for clean energy projects, particularly in regions like sub-Saharan Africa, the World Economic Forum (WEF) proposes a three-pronged approach. Their strategy involves reconsidering the nature of borrowed funds, managing interest rates on loans, and mitigating associated risks.

Advocating for mixed finance setups, the WEF suggested establishing a fund denominated in local currency to attract both private and local large-currency investors for ostensibly risky clean energy projects. This local currency fund aims to reduce overall loan risks, lower borrowing costs, and safeguard investments for risk-averse stakeholders.

The WEF spotlighted InfraCredit as an exemplar; utilising mixed finance to ensure local currency stability and involving pension funds to attract private investments for clean energy projects. Thus addressing financial challenges in the pursuit of sustainable energy solutions.

 

 

 

 

 

 

 

 

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