The French Government, through the French Development Agency (Agence Française de Développement — AFD), has committed $70 million to renewable energy projects in Nigeria. The funds will be disbursed through Access Bank Plc and United Bank for Africa (UBA) to renewable energy and energy-efficient project promoters.
The announcement was made at the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria programme investor conference in Lagos. The fund targets projects that are innovative, energy-efficient, and renewable, and is intended to help fight pollution and bridge the country's significant power deficit. Over 80 million Nigerians are completely unelectrified, with a further 100 million having only partial access to electricity.
"The total size of the fund is $70 million and we are looking for eligible projects to disburse it to. We know how critical infrastructure is to Nigeria and the federal government cannot do it alone — the private sector is key," said Access Bank's Chukwudumije Igwe. SUNREF team lead Javier Betancourt acknowledged the fund does not come close to Nigeria's needs: "What Nigeria requires is in billions, but this does help start things."
