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As part efforts towards implementing its mandates of Nigeria Electrification Project (NEP) and other initiatives, Rural Electrification Agency (REA) REA has obtained financing amounting to $550 million ($350 million from World Bank and $200 million from the African Development Bank).
REA said it got an additional $11 million for financing the Rural Electrification Fund for the deployment of solar hybrid mini- grids and solar home systems.
In a statement, these funds will ensure that millions of Nigerians have access to clean, safe, reliable, and affordable electricity.
Meanwhile, REA and the National Agency for Science and Engineering Infrastructure (NASENI) are poised to make a significant stride in climate action by signing a groundbreaking cooperation agreement with the SHENZEN LEMI Technology Development Company, marking a pivotal moment in the global effort towards sustainable energy practices.
“The agreement was signed on December 8, 2023, under the leadership of the Federal Ministry of Power and the China Ministry of Ecology and Environment.
“The partnership will facilitate the establishment of a lithium-Ion battery manufacturing and processing factory in Nigeria. This initiative is backed by a $150 million investment from LEMI, with operations scheduled to commence in phases, starting from the 2nd quarter of 2024” REA said, adding that the Chinese Ministry of Ecology and Environment, in collaboration with the Federal Ministry of Power in Nigeria, expressed enthusiasm for being part of the transformative agreement.
“The signing of the co-operation agreement is anticipated to serve as a pioneer initiative for the Light and Belt Initiative in Africa, aligning with global efforts to drive climate technology development and transfer,” the agency explained.
