REA, FCMB push for innovation, investment to drive Nigeria’s renewable energy
The Rural Electrification Agency (REA) and First City Monument Bank (FCMB) have urged stronger innovation, collaboration, and targeted investment to accelerate Nigeria’s transition to renewable energy and expand access to sustainable power nationwide.
The call was made at the two-day Nigeria Renewable Energy Innovation Forum (NREIF) held in Abuja, which convened policymakers, private sector leaders, equipment manufacturers, and development partners to explore strategies for boosting local manufacturing, financing, and distribution of renewable energy solutions.
Vice President Kashim Shettima, addressing participants, emphasised the importance of private sector participation in achieving Nigeria’s energy transition goals.
He urged stakeholders to prioritise local content and adopt a “Nigeria First” approach that advances homegrown renewable solutions.
“We are improving local manufacturing incentives, refining regulatory frameworks, and enhancing collaboration with state governments and investors to help de-risk private capital and accelerate the growth of a sustainable renewable energy market,” Shettima said.
REA Managing Director and Chief Executive Officer, Abba Aliyu, stressed that Africa must not be left behind in the global energy transition, given the continent’s vast renewable potential.
“Africa has nearly 60 per cent of the world’s best solar resources but attracts less than 3 per cent of global renewable energy investment,” Aliyu said.
“The task ahead is clear: we must transform this advantage into a competitive edge by building industries, fostering innovation, and creating local value.”
From a private sector perspective, George Ogbonnaya, Divisional Head of Business Banking at FCMB, emphasised the role of financial innovation in driving the adoption of renewable energy.
“Nigeria’s renewable energy transition demands shared commitment. Unlocking over $400 million in investment will require strong collaboration between government and the private sector to expand access, accelerate local manufacturing, and strengthen energy infrastructure,” Ogbonnaya said.
“At FCMB, financial innovation enables this collaboration and delivers reliable power to unserved and underserved communities.”
FCMB has been active in supporting renewable energy development through financing and capacity-building initiatives.
The bank recently partnered with the REA to establish a ₦100 billion loan facility aimed at delivering power to two million households in unserved and underserved communities under the Distributed Access through Renewable Energy Scale-Up (DARES) programme.
Recognising the high cost of energy for small businesses, the bank has also introduced energy finance loans of up to ₦30 million to help small enterprises acquire clean energy equipment such as solar panels, batteries, and inverters, with flexible repayment terms of up to three years. Larger facilities are available for medium-sized enterprises.
The NREIF aims to strengthen Nigeria’s role in the global clean energy economy and align with the Federal Government’s Nigeria First policy, which prioritises local development and manufacturing.
Participants at the forum reaffirmed their commitment to bridging the nation’s energy access gap, expanding renewable infrastructure, and unlocking fresh investments to position Nigeria as a leader in sustainable power generation.
