News

World Bank Plans Additional $750m Grant To Support Nigeria Electrification Project

Published

3 years ago

June 27, 2023

Editor

The World Bank has disclosed that it was considering supporting the Nigeria Electrification Project, NEP, with another $750 million grant.

The initial $350 million NEP grant ends in August, 2023. The NEP seeks to bridge the energy access deficit by providing electricity to households, MSMEs, educational and healthcare facilities in unserved and underserved rural communities through the deployment of mini-grids, Solar Home Systems, captive power plants, and productive use appliances. The mini-grid component of the project has a $48 million allocation.

World Bank Director of Strategy and Operations, Western/Central African Region, Ms Elizabeth Huybens who disclosed this when she inspected two 60 kilowatt solar-powered mini-grids in Kilankwa I and Kilankwa II communities in Kwali LGA, Federal Capital Territory, said she was impressed by the system put in place by the project.

The mini-grids which were built under the performance-based grant of NEP were founded by the World Bank.

Ms Huybens explained that access to electricity was a priority goal for the World Bank as it was one of the fastest routes to get people out of poverty.

According to her, “These mini-grids really will help Nigeria provide access to electricity to many more people faster than it could have done with just extending the national grid. I’m very impressed that the system of mini-grids in small communities works and that there is also the foresight how one can optimize the use of the electricity generated to expand productive activities in the community like this rice mill we have just seen.

“We believe that access to electricity for all is one of the most important goals to pursue for any country because without electricity, it’s very hard to think about how communities can really live, if you don’t have electricity, kids cannot study at night. Nobody can have a refrigerator.

“We cannot move towards electric vehicles if we don’t have electricity. In fact, you cannot even charge your cell phone without electricity, right. So it’s hard for me to think about modern life without electricity. It’s hard for me to think about reducing poverty without access to electricity. And since the World Bank’s overarching goal is to help countries eradicate poverty, we need to help countries provide access to electricity to their populations.”

On plans to expand the project, she said: “The first Nigeria electrification project that we see at work here, which I believe was $350 million, is coming to a close and so we are preparing a successor project that will be $750 million.

“So we are definitely expanding our support to something that we think is really critical and on which, by the way, Nigeria is leading the world with this sort of small grid development”, she added.

She expressed the hope that the setting up of mini-grids across the country through the NEP would reduce the reliance of petrol-powered generators used by households and businesses, especially in the face of the recent removal of subsidies on petrol.

Giving a technical detail of the project, Managing Director of the Rural Electrification Agency, REA, Engr. Ahmad Salihijo Ahmad explained that about 300 homes and businesses are connected to the 60KW mini-grid.

“This is a performance grant-based project of the World Bank. The project is serving about 300 connections, it has been operational for some time now. So we are privileged to have come here with the director from the World Bank to see how it is performing.

“We are working on productive use and ensuring that we have energy-efficient equipment connected to the minigrid”, he stated.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

1 hour ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.