The Nigerian Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC), a key member of the World Bank Group, are embarking on a quest to secure $500 million dedicated to propelling the development of renewable energy in Nigeria.
Empowering Nigeria’s Green Future
NSIA’s Managing Director and CEO, Mr. Aminu Umar-Sadiq, unveiled this ambitious initiative during the launch of NSIA’s Renewable Investment Platform for Limitless Energy (RIPLE) in Abuja.
Both NSIA and IFC are kickstarting this venture with a substantial commitment of $25 million each, laying the foundation for this transformative project.
The collaborative agreement between NSIA and IFC, officially signed at the event, signifies a strategic partnership geared towards sustainable development.
Mr. Sadiq emphasized the significance of this collaboration, stating, “The IFC is co-developing a transactional franchise project, a 70-megawatt renewable energy initiative in Kano State.
Following its success, we plan to embark on a roadshow to raise a capital of $500 million.”
NSIA’s commitment goes beyond being a financial investor.
Mr. Sadiq highlighted NSIA’s role as a co-sponsor or co-developer, addressing challenges in Nigeria’s infrastructure sector.
He stressed, “Our role goes beyond just providing capital but also creating sustainable and impactful solutions for Nigeria.”
RIPLE, a pioneering platform, aims to address key areas within the renewable energy landscape. NSIA’s focus includes diesel displacement, franchising, and backward integration towards solar panel (PV) manufacturing in Nigeria.
The ultimate goal is to enable local production of PV models for widespread use in the country’s renewable energy sector.
Mr. Dan Croft, IFC’s Regional Manager for Africa, emphasized IFC’s interest in working with committed partners for long-term sustainable development.
He noted, “IFC does not have an upper limit in its financial commitment to the project,” emphasizing the focus on long-term investments that deliver cost-effective and clean energy.
The RIPLE programme, led by Mr. Yusuf Umar, is set to span across all six geopolitical zones of Nigeria, starting from Kano and extending to Abuja.
Encompassing solar, wind, and mini hydro projects, RIPLE aims to ensure Nigerians have access to efficient and clean energy, contributing to national self-sufficiency in meeting energy needs.
This collaborative effort between NSIA and IFC marks a significant stride towards a sustainable and green energy future for Nigeria, aligning with global initiatives for environmental preservation and energy efficiency.