President Bola Tinubu has secured $70 million in funding from the International Finance Corporation (IFC) to support mini-grid projects in Nigeria.

The financing was obtained at the Africa Energy Summit, which concluded on Tuesday in Dar es Salaam, Tanzania.

It forms part of a $1 billion facility established by the IFC through grants from the Rockefeller Foundation and the African Development Bank.

Read also: Renewable energy in Nigeria – Projects, investments, and future Prospects

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Nigeria is the first beneficiary of this initiative, according to Makhtar Diop, IFC’s managing director.

“Yesterday, President Tinubu signed the first project using this facility, yesterday we signed for $70 million,” Diop announced during a session at the summit.

He further explained that the fund was designed to support renewable energy projects.

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Faith Esifiho is an Energy correspondent at BusinessDay, covering Nigeria's electricity sector, oil and gas industry, and energy policy. She reports on power outages, electricity tariffs, gas sector reforms, and the broader challenges facing the country's energy transition. She specializes in data-led reporting and human-angle stories that examine how energy policies affect everyday Nigerians and also tracks trends in the power sector, analyses regulatory changes, and investigates the impact of subsidy reforms and pricing policies.

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