The World Bank has sanctioned a $750 million loan for the Nigeria Distributed Access via Renewable Energy Scale-up (DARES) project, marking a significant stride in the nation’s journey toward sustainable electrification. The official statement released on December 16, 2023, reveals that the project is poised to leverage over $1 billion of private capital, accompanied by substantial parallel financing from esteemed development partners.<\/p>\n
Financed by the International Development Association (IDA), with additional support from the Global Energy Alliance for People and Planet ($100 million) and the Japan International Corporation Agency ($200 million), the DARES project aims to address the pressing issue of inadequate electricity access in Nigeria. With a focus on inclusivity, the project is a collaborative effort involving partners such as USAID, the German Development Agency (GIZ), SEforAll, and the African Development Bank (AfDB).<\/p>\n
The ambitious initiative aspires to provide new or improved access to electricity for approximately 17.5 million Nigerians through the DARES program. In a country where over 85 million people lacked electricity access as of 2021, this project emerges as a beacon of hope, ushering in a transformative era of widespread electrification.<\/p>\n
The DARES program empowers the Nigerian government to coordinate and fund off-grid electrification endeavors, offering technical assistance to states for institutional capacity and policy frameworks related to rooftop solar installations. With a strong emphasis on gender and inclusion, the program builds upon the National Electrification Project’s (NEP) initiatives to facilitate electricity access for female-headed households and women-led businesses.<\/p>\n
Shubham Chaudhuri, the World Bank Country Director for Nigeria, expressed the significance of the $750 million Nigeria DARES project, noting it as the largest-ever single distributed energy project globally. The project aims to benefit over 17.5 million unserved Nigerians while replacing over 280,000 polluting generator sets.<\/p>\n
The Minister of Power, Adebayo Adelabu, conveyed his excitement about contributing to this revolutionary movement, stating, \u201cThe DARES programme unlocks the full potential of the off-grid sector, propelling forward clean energy solutions and empowering unserved and underserved communities.\u201d<\/p>\n
The DARES program aligns seamlessly with Nigeria’s commitment to closing its electricity access gap and transitioning toward sustainable, efficient, and economically viable electricity supply.<\/p>\n","protected":false},"excerpt":{"rendered":"
The World Bank has sanctioned a $750 million loan for the Nigeria Distributed Access via Renewable Energy Scale-up (DARES) project, marking a significant stride in the nation’s journey toward sustainable electrification. The official statement released on December 16, 2023, reveals that the project is poised to leverage over $1 billion of private capital, accompanied by […]<\/p>\n","protected":false},"author":14,"featured_media":12051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-12038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/12038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=12038"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/12038\/revisions"}],"predecessor-version":[{"id":12084,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/12038\/revisions\/12084"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/12051"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=12038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=12038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=12038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}