NSIA launches $500 million renewables investment platform to tackle Nigeria’s power deficit

The Nigeria Sovereign Investment Authority (NSIA) has unveiled a groundbreaking initiative, the $500 million Renewables Investment Platform for Limitless Energy (RIPLE), aimed at spearheading the development of renewable energy projects throughout the entire value chain. The primary objective is to address and diminish the persistent power deficit in Nigeria.

In a statement released in Abuja on Sunday, the NSIA announced the formalization of a strategic partnership agreement with the International Finance Corporation (IFC) concurrent with the launch of RIPLE. The platform is anticipated to play a pivotal role in expanding energy access, improving energy efficiency, and ensuring overall energy security in the country.

The initial phase of this initiative is strategically located within the Tokarawa Industrial Hub in Kano State. The focus is on establishing a generation and distribution system capable of meeting 70 megawatts of unmet energy demands in the area. This will cater to the needs of industrial activities, commercial enterprises, and residential customers, encompassing approximately 9,000 connections.

Yusuf Umar, the Programme Manager of RIPLE, expressed enthusiasm about the collaboration with the International Finance Corporation, emphasizing the shared commitment to advancing energy-efficient solutions in Nigeria.

This development is particularly significant as more than 45 percent of Nigeria’s population continues to grapple with limited access to electricity. The NSIA’s innovative approach through RIPLE signifies a substantial stride toward addressing this critical issue and fostering sustainable energy solutions for the nation.