French government to invest $70m to boost renewable energy projects in Nigeria

The French government has announced that it will spend $70 million in renewable energy projects in Nigeria through the French Development Agency/Agence Francaise de Development (AFD).

According to the report, Mr. Chukwudumije Igwe, Member, Project, and Structured Finance, Sub Sahara Africa, Access Bank, made this known at the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria programme investor conference in Lagos.

Mr. Igwe added that “Through Access Bank Plc and United Bank for Africa (UBA), the $70 million cash would be released to renewable energy stakeholders,”

He went on to say that the fund would be used to increase investment in Nigeria’s renewable energy sector and aid in the battle against pollution and that SUNREF was committed to supporting projects that were creative, energy-efficient, and renewable throughout the continent.

Mr Javier Betancourt, Team Lead, SUNREF Nigeria, stated that the 70 million US dollars were not nearly enough, but it was a start because what Nigeria needed was in the billions, adding that over 80 million Nigerians were completely without electricity, while the remaining 100 million were partially electrified.

“The investment needed is enormous and $70 million does not even begin to cover it, but it does help start things.

“This fund we are bringing in will be longer terms with a minimum of five years and these are concessional lending rates which would help to finance these projects,” he said.

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