Nigeria secured $242.9 million in new international financing for its flagship off-grid solar program last week, a cash injection that accelerates one of sub-Saharan Africa’s most ambitious rural electrification drives as the country battles an electricity deficit that has shackled economic growth for decades.
The World Bank disclosed the funding package in a June 10 implementation report, confirming that negotiations over the additional financing for the Distributed Access through Renewable Energy Scale-up project, known as DARES, concluded with the Federal Government of Nigeria on June 4.
Japan’s state development lender, the Japan International Cooperation Agency, will contribute ¥29.969 billion, roughly $193.8 million, in joint and parallel co-financing. The United States will separately channel $49.1 million in grant money through the Department of Justice via a standalone trust fund, earmarked exclusively for wiring public institutions.
The fresh commitments land as DARES hits an operational stride. More than $430 million of total
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