President Bola Tinubu has secured $70 million from the International Finance Corporation (IFC) as funding for the mini-grid projects.
The fund was secured at the Africa Energy Summit which ended on Tuesday in Dar Salam, Tanzania.
The fund is part of a $1 billion facility set up by the IFC through grants from the Rockefeller Foundation and the African Development Bank.
Managing Director of the IFC, Makhtar Diop, disclosed that Nigeria is the first country to benefit from the fund.
“Yesterday President Tinubu signed the first project using this facility, yesterday we signed for $70 million, Diop announced at a session during the summit,” he stated.
Diop explained that the fund was set up to finance renewable energy projects.
