The partnership between the US Agency for International Development (USAID) and investment bank Chapel Hill Denham has successfully mobilised approximately N245 billion for infrastructure projects in Nigeria.
This was disclosed in a statement issued on Wednesday at the conclusion of a conference themed “Powering Nigeria: Mobilising Private Capital,” aimed at encouraging private investment in Nigeria’s infrastructure development.
The event saw participation from domestic investors and private-sector companies controlling about N20 trillion in institutional capital and investment expertise in sectors such as power, renewable energy, agriculture, and water, sanitation, and hygiene.
The statement highlighted that USAID, through the Power Africa and Prosper Africa initiatives, along with Chapel Hill Denham, is addressing challenges in Nigeria’s power sector by mobilising investment in the country’s electricity supply industry.
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“To date, the partnership has mobilised N245 billion of institutional capital into priority infrastructure projects across Nigeria, including N33 billion for renewable energy projects to provide reliable clean energy to low-income consumers,” the partners announced.
Reports indicate that Nigeria has the highest number of people living without electrical power globally, with over 85 million citizens lacking access to electricity.
Speaking at the conference, USAID Mission Director to Nigeria, Melissa Jones, emphasized the importance of investing in infrastructure to support development goals, drive innovation, create jobs, and ensure long-term profitability for businesses and investors.
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“The government, private sector, academia, and investors must work together to create an enabling environment for the power sector’s growth and the adoption of renewable energy while ensuring reasonable returns and protections for private investors,” Jones stated.
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, expressed his satisfaction with the partnership, saying, “We are pleased to partner with the US government to advance Prosper Africa and Power Africa Initiative goals. Investing in infrastructure is pivotal to Nigeria’s development, accelerating the attainment of the sustainable development goals, enabling sustainable prosperity, and creating jobs and opportunities for Nigerians.”