The Bank of Industry (BOI) has been recognised with two prestigious awards at the recently concluded EMEA Finance Achievement Awards, reinforcing its position as a leading development finance institution driving inclusive and sustainable economic growth across Africa. The Bank received the Best Sustainability Deal in Africa Award for its financing intervention under the Nigeria Distributed…
Nigerian Finance Minister and Chair of the G-24 coalition of developing countries, Wale Edun, said multilateral institutions should do more to support vulnerable countries weather the economic shocks of the war in the Middle East. “We would like them to do more, we definitely like them to provide, particularly at this time, additional liquidity risk…
Okra Solar and InfraCredit have sealed debt financing deal of a mesh-grid project under InfraCredit’s Climate Finance Blending Facility (CFBF). The deal targets no fewer than 25,000 rural Nigerians not connected to the national grid. The world’s largest energy access program Distributed Access through Renewable Energy Scale-up (DARES) provides $750million in grants to renewable energy…
The Nassarawa State Governor, Abdullahi Sule yesterday granted a special tax holiday for Renewable Energy Service Companies (RESCOs) developing mini-grids. He anchored the tax waiver on the benefits accruable to the communities from the investment. “There is a special tax holiday for renewable energy because it is a win-win situation for you and our communities…
The Rural Electrification Agency (REA), in partnership with the Lagos State government, is set to launch Nigeria’s first floating solar power plant, a landmark project to bridge the energy gap in the state. Unveiled during the Lagos Energy Summit, the initiative is part of a broader collaboration with the REA, culminating in the signing of…
International lenders and partners this week committed another $8 billion in financing to a $48-billion project by the World Bank and African Development Bank (AfDB) to connect a total of 300 million people in Nigeria and the other African countries to electricity by 2030. AfDB Group and the World Bank Group plan to allocate $48…
About 700 million people, equivalent of 8.5 per cent of the global population now live in extreme poverty on less than $2.15 a day, according to a World Bank report. The bank also added that around 3.5 billion people live on less than $6.85 a day. In a report,” 2024 Key Development Challenges in Nine…
After months of negotiation, partnership, and unwavering commitment from donor community, the 21st replenishment of the International Development Association (IDA) has raised $24 billion in donor contributions, the World Bank President, Ajay Banga has said. According to him, with IDA’s unique leveraging model, this $24 billion will generate a total of $100 billion in affordable…
The Rural Electrification Agency (REA) has announced the provision of $550m in funding by the World Bank (WB) and the African Development Bank (AfDB) to support the implementation of its off-grid solution projects. Mr Ahmed Abubakar, Communication Expert, REA, who made this known in a statement in Abuja, on Monday, added that out of the…
