The United Kingdom has announced plans to inject £10 million pounds worth of aid to invest in energy access projects and support Nigeria’s COP26 commitments.
According to UK Minister for Africa, Vicky Ford, the financing would help Nigerian investors focus on supporting off-grid low-carbon energy projects.
“The UK is providing up to £10m of concessional aid to reduce the risk for pension and insurance funds to invest in energy access projects, and support Nigeria’s COP26 commitments.”
“The financing will help Nigerian investors focus on low-carbon energy, supporting off-grid, low-carbon energy projects. The £10m will be blended to de-risk transactions and therefore mobilise domestic institutional investment from local pension funds, insurance firms and other local institutional investors.”
“The UK is committed to increasing both renewable energy and energy access in Nigeria, driving clean, sustainable and resilient growth.” She said
She added that it would help scale up domestic financing for eligible off-grid clean energy infrastructure, such as solar mini-grid and home systems and clean cooking infrastructure.
Also, “This initiative will support the implementation of Nigeria’s Nationally Determined Contributions plan, which Nigeria submitted to the UNFCCC before COP26, its Energy Transition Plan, which was presented by the Nigerian government at COP26, and Nigeria’s plans to increase energy access including the Solar Naija programme.”