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From Aidoghie Paulinus, Abuja
The United Kingdom (UK), yesterday, announced the provision of £10 million of concessional financing alongside InfraCredit to mobilise pension and insurance investments in the country.
Visiting United Kingdom Minister for Africa, Latin America and the Caribbean, Vicky Ford, who made the announcement in Abuja, said the UK is providing up to £10 million of concessional aid to reduce the risk for pension and insurance funds to invest in energy access projects, and support Nigeria’s COP26 commitments.
The financing, the United Kingdom added, will help Nigerian investors focus on low carbon energy, supporting offgrid, and low-carbon energy projects.
The United Kingdom further explained that the £10 million will be blended to de-risk transactions and therefore mobilise domestic institutional investment from local pension funds, insurance firms and other local institutional investors.
The fund will also help scale up domestic financing for eligible off-grid clean energy infrastructure, such as solar mini-grid and home systems, clean cooking infrastructure and SME cold storage infrastructure in Nigeria.
Ford said: “The UK is committed to increasing both renewable energy and energy access in Nigeria, driving clean, sustainable and resilient growth.”
