President Bola Tinubu has secured $70 million in funding from the International Finance Corporation (IFC) to support mini-grid projects in Nigeria.
The financing was obtained at the Africa Energy Summit, which concluded on Tuesday in Dar es Salaam, Tanzania.
It forms part of a $1 billion facility established by the IFC through grants from the Rockefeller Foundation and the African Development Bank.
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Nigeria is the first beneficiary of this initiative, according to Makhtar Diop, IFC’s managing director.
“Yesterday, President Tinubu signed the first project using this facility, yesterday we signed for $70 million,” Diop announced during a session at the summit.
He further explained that the fund was designed to support renewable energy projects.