In a significant move towards enhancing energy access in Nigeria, the World Bank has given the green light to the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project. The project, as disclosed in a recent press release on Nairametrics, involves a $750 million credit from the International Development Association (IDA) and aims to leverage over $1 billion from private investors and various partners.
The DARES initiative, backed by contributions such as $100 million from the Global Energy Alliance for People and Planet and $200 million from the Japan International Cooperation Agency (JICA), is a collaborative effort involving entities like the United States Agency for International Development (USAID), the German Development Agency (GIZ), Sustainable Energy for All (SEforAll), and the African Development Bank (AfDB).
The overarching objective of the DARES project is to provide improved access to electricity for over 17.5 million Nigerians through distributed renewable energy solutions, addressing the existing electricity access deficit. As of 2021, more than 85 million Nigerians lacked reliable electricity, leading to a widespread reliance on expensive and environmentally harmful petrol and diesel generators due to the unreliable national grid supply.
READ ALSO: Dangote Cement Plc Unveils 2024 Graduate Trainee Support Services Program in Lagos – Apply Now
Building upon the successes of the World Bank-financed Nigeria Electrification Project (NEP), which established 125 mini-grids and distributed over a million solar home systems (SHS), benefiting 5.5 million Nigerians and creating over 5,000 local green jobs, the DARES program will support the Federal Government of Nigeria in coordinating and financing off-grid electrification efforts.
The initiative will also assist states in developing capacity and policies to promote rooftop solar energy. A key focus of DARES is inclusivity, particularly empowering female-headed households and women-led businesses by facilitating easier access to electricity and increasing women’s employment in the energy sector.
Shubham Chaudhuri, the World Bank Country Director for Nigeria, emphasized the project’s aim to replace nearly 280,000 polluting and expensive generator sets, making a significant contribution to Nigeria’s energy transition objectives. Adebayo Adelabu, Nigeria’s Minister of Power, highlighted the project’s potential to extend clean and fair energy access to currently unserved or underserved communities, promoting empowerment and transformation.
JOIN NOW
https://t.me/MidasRWA_bot/app?startapp=ref_5672ba1f-2b27-4c00-884d-27c057e065ac
Google News Channel
Follow us on Google News for Latest Headlines
Join Our WhatsApp, Facebook, or Telegram Group For More News, Click This Link Below;
WhatsApp Channel
https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h
WhatsApp Group
https://chat.whatsapp.com/ICf5K97TqHpHYvwK9Znt3S
Facebook Page
https://facebook.com/allmedia24news
Our Twitter Page
https://www.twitter.com/mubcrypto
Telegram Group
https://www.threads.net/@allmedia24news
