In a strategic move to expand access to renewable energy in Nigeria, the International Finance Corporation (IFC) has committed $70 million to five Nigerian companies under the ambitious Mission 300 initiative.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the funding during the official launch of the Country Private Sector Diagnostic (CPSD) report by the World Bank Group, which includes the World Bank, IFC, and the Multilateral Investment Guarantee Agency (MIGA). The event took place in Abuja on Thursday.
Edun highlighted IFC’s ongoing support for Nigeria’s private sector, citing its $1.2 billion financing for Indorama Fertilizer and $70 million allocated to First City Monument Bank (FCMB) for small and medium-sized enterprise (SME) financing. He noted that the $70 million commitment under Mission 300 represents the latest investment since the initiative was unveiled.
Read also: Achieving sustainability goals in Nigeria through renewable Energy
Mission 300 is a collaborative initiative between the World Bank and the African Development Bank (AfDB) aimed at connecting 300 million people in Africa to electricity by 2030. This large-scale project seeks to bridge the continent’s significant energy gap, where nearly 600 million people currently lack access to electricity.
Speaking on Nigeria’s economic transformation, Edun praised the World Bank Group and other development partners for supporting President Bola Tinubu’s administration in implementing bold and necessary reforms. He emphasized that these reforms have significantly reshaped the country’s economy and society within just 18 months.
With IFC’s latest investment, Nigeria is set to accelerate its transition to renewable energy, strengthening its role in Africa’s journey toward sustainable development.
