A major renewable energy financing initiative aimed at expanding electricity access and accelerating clean energy adoption in Nigeria has officially been launched, with promoters targeting an initial investment pool of $188 million for large-scale solar infrastructure projects across the country.
The new platform, known as the Green Finance Investment Facility (GFIF), is being spearheaded by Barton Heyman Limited in collaboration with the Rural Electrification Agency (REA), First City Monument Bank (FCMB), UK PACT, and ARM Harith Infrastructure Investment Limited.
The initiative is expected to finance about 191 megawatts of distributed solar power capacity, providing cleaner and more reliable electricity to homes, businesses, rural communities, and commercial clusters nationwide.
The project also aligns with the Federal Government’s Distributed Access through Renewable Energy Scale-Up (DARES) programme, which focuses on improving power supply through decentralised renewable energy systems instead of relying solely on the national grid.
New Renewable Energy Initiative Targets Millions of Nigerians
The Green Finance Investment Facility was officially unveiled in Lagos on May 7, 2026, during a high-level event attended by financial institutions, renewable energy developers, policymakers, investors, and stakeholders in the energy sector.
Speaking during the launch, the Managing Partner of Barton Heyman Limited, Olumide Lala, described the initiative as a transformative step toward unlocking large-scale private investment in Nigeria’s growing renewable energy market.
According to him, the facility goes beyond financing solar projects and is ultimately designed to improve the lives of millions of Nigerians struggling with unreliable electricity supply.
“The Green Finance Investment Facility is more than just a funding arrangement. It represents direct support for over one million Nigerians who need reliable power to improve their businesses, livelihoods, and economic opportunities,” Lala stated.
He explained that the financing model combines sovereign-backed energy projects, results-based funding structures, and commercial loans to attract long-term private capital into Nigeria’s distributed renewable energy sector.
Lala also revealed that the newly launched $188 million pilot phase is only the beginning of a much larger ambition to raise approximately $40 billion for the deployment of up to 20 gigawatts of distributed renewable energy infrastructure across Nigeria in the coming years.
Renewable Energy Seen as Key to Economic Growth
Industry experts at the event stressed that improving electricity access through renewable energy solutions could significantly boost economic productivity, support small businesses, and strengthen industrial development.
Senior Partner at Barton Heyman, Anthony Feyitimi, noted that reliable electricity remains one of the most critical requirements for sustainable economic growth in Nigeria.
According to him, every additional megawatt of renewable energy financed under the programme would directly impact businesses, supply chains, and local communities.
“This initiative is not just about clean energy. It is about creating opportunities for businesses to operate efficiently, helping supply chains function smoothly, and enabling communities to compete economically,” Feyitimi explained.
He added that the financing structure was carefully designed to attract both local and international investors while reducing the risks typically associated with energy infrastructure projects in developing economies.
REA Says Financing Gap Remains Major Challenge
The Managing Director of the Rural Electrification Agency, Abba Aliyu, described access to financing as one of the biggest barriers slowing renewable energy deployment in Nigeria.
He said the new platform would help bridge that funding gap and accelerate the rollout of electricity projects in underserved communities across the country.
According to Aliyu, millions of Nigerians still lack stable electricity access despite growing demand for power in both urban and rural areas.
“The Green Finance Investment Facility represents a strategic partnership that will help communities currently without reliable power gain access to electricity,” he said.
He further noted that the initiative reflects growing collaboration between the public and private sectors in addressing Nigeria’s longstanding power challenges.
FCMB Expands Renewable Energy Financing
FCMB also reaffirmed its commitment to supporting renewable energy projects and expanding financing opportunities within Nigeria’s clean energy sector.
Speaking on behalf of the bank, Senior Vice President and Divisional Head of the Business Banking Group at FCMB, George Ogbonnaya, disclosed that the bank had already committed ₦100 billion in debt financing toward the DARES programme.
He stated that FCMB is currently funding multiple renewable energy developers involved in isolated mini-grid projects aimed at supplying electricity to communities beyond the reach of the national grid.
According to him, the bank is presently supporting more than eight developers under the programme while finalising financing arrangements for several additional projects.
Ogbonnaya explained that FCMB has positioned itself as one of the leading financial institutions driving renewable energy investments in Nigeria.
Stakeholders Call for More Collaboration
Other stakeholders at the launch emphasised the need for stronger collaboration between financial institutions, government agencies, investors, and private developers to accelerate clean energy adoption in Nigeria.
Chief Investment Officer at ARM Harith Infrastructure Investment Limited, Derek Chime, called for deeper cooperation across the energy ecosystem to attract more infrastructure investment into the country’s renewable energy sector.
Similarly, Deputy Head of Mission at the British High Commission in Lagos, Simon Field, reaffirmed UK PACT’s commitment to supporting green finance initiatives and sustainable energy projects in Nigeria.
The Special Adviser on Climate Change and Circular Economy to the Lagos State Governor, Titilayo Oshodi, also stressed the importance of coordinated policies, innovation, and long-term investment in achieving sustainable energy access nationwide.
Nigeria’s Power Crisis Driving Renewable Energy Demand
Nigeria continues to face significant electricity challenges, with millions of homes and businesses experiencing unstable power supply despite decades of investment in the sector.
Frequent blackouts, rising fuel costs, and insufficient grid infrastructure have pushed many households and businesses toward alternative energy solutions, especially solar power systems.
Experts believe initiatives such as the Green Finance Investment Facility could help reduce investment risks, mobilise long-term capital, and fast-track the deployment of clean energy infrastructure across the country.
As demand for renewable energy continues to rise, stakeholders say private-sector-led financing platforms may become increasingly important in helping Nigeria close its electricity access gap while supporting economic growth and environmental sustainability.
