In a move to address the lack of access to electricity in Nigeria, the United States Agency for International Development (USAID) has partnered with Chapel Hill Denham to mobilize N245 billion of institutional capital into priority infrastructure projects across the country.
This partnership aims to tackle the challenges faced by the 85 million Nigerians who currently lack access to electricity, which is the highest number of people living without electrical power in the world.
The partnership has already mobilized N33 billion for renewable energy projects to provide reliable clean energy to low-income consumers. USAID, through the Power Africa and Prosper Africa Initiatives, is working with Chapel Hill Denham to advance their goals and attract investment into the Nigerian economy.
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, expressed his pleasure in partnering with the US government, stating that investing in infrastructure is pivotal to Nigeria's development, enabling sustainable prosperity and creating jobs and opportunities for Nigerians.
He further added that USAID and Chapel Hill Denham endeavor to leverage the showcased infrastructure innovations to facilitate real infrastructure transactions and attract investment into the Nigerian economy, thereby generating substantial developmental impact.
Melissa Jones, Mission Director for USAID, emphasized the importance of the private sector in financing infrastructure development and noted that the lack of access to electricity directly impacts Nigeria's ability to achieve meaningful growth, as it limits productivity and restricts economic expansion.
She highlighted that the partnership has mobilized N245 billion of institutional capital into priority infrastructure projects across Nigeria, including renewable energy projects.
The conference, themed "Powering Nigeria: Mobilizing Private Capital," was organized by Chapel Hill Denham in collaboration with USAID, Proper Africa, and Power Africa, and was attended by domestic investors and private sector companies.
