President Bola Ahmed Tinubu has once again demonstrated visionary leadership with the sealing of a landmark ₦100 billion renewable energy financing deal between the Rural Electrification Agency (REA) and First City Monument Bank (FCMB). This major achievement is the direct result of President Tinubu’s approval of the $750 million World Bank-funded Distributed Access through Renewable Energy Scale Up (DARES) project, a flagship initiative under his Renewed Hope Agenda.
The facility is structured to provide decentralized renewable energy to nearly 2 million households across underserved rural and peri urban communities in Nigeria. Through this arrangement, qualified mini grid developers will access up to ₦1 billion in revolving loans, covering up to 70 percent of project costs. The REA will provide performance based grants to de risk the loans and encourage robust private sector participation.
This strategic partnership underscores President Tinubu’s unwavering commitment to expanding energy access, accelerating Nigeria’s green transition, and empowering communities. With bold reforms and results driven leadership, President Tinubu is placing Nigeria at the forefront of renewable energy development in Africa.
