Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Britain to increase investments in renewable, climate change projects in Nigeria

by admineconai February 22, 2022
written by admineconai February 22, 2022
739

UK Minister for Africa, Vicky Ford has announced that Britain plans to boost investments in renewable and climate change projects in Nigeria.

Ford who made this known on her first trip to the country, also said that the UK will provide 10 million pounds ($13.6 million) of support.

Recall that Ford was appointed the British Minister for Africa, Latin America and the Caribbean in December last year, having been elected first as the Conservative Member of Parliament in 2017.

Nigeria has the capacity to produce an estimated 7,000 megawatts (MW) of power, but due to weak infrastructure, gas supply problems and water shortages only a little more than half of that reach the national grid.

Read also: Activists block Hamburg port bridge to raise awareness on climate change

During the visit, Ford said that Power demand in Nigeria vastly outstrips supply, meaning its 200 million inhabitants must either go without or rely on expensive, fume-belching generators.

She explained that the financing invested alongside Nigerian credit guarantee firm InfraCredit will help mobilise domestic pension and insurance investments and reduce the risk for projects targeting off-grid and low-carbon ventures.

“This transaction … brings together UK government support with the institutional capital which is essential to growing the sector at scale,” Ford said during the visit, adding that the Nigerian sovereign fund, co-investor in InfraCredit, aims to deliver up to 250-500 megawatts of renewable energy capacity in Nigeria, it said in the statement.

Although Nigeria has more than 12 trillion naira of institutional financing held in pensions, insurance and wealth funds, mostly invested in government securities or sometimes in Nigerian shares, around 0.5% of pension assets are invested in infrastructure funds in Nigeria, less than a 4% limit.

Ford however announced that the British financing will expand opportunities for the private sector and provide affordable long-term financing from local investors to off-grid and low-carbon projects, as the world looks to transition to clean energy,

The British High Commission maintained that Britain has provided over 80 million pounds for the renewable energy sector in Nigeria, including grants and lending.

Story was adapted from Reuters.

BritainClimate changeInvestmentRenewable energy
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Egypt, US launch group ahead of UN climate change summit
next post
UK restates commitment to green manufacturing in Africa

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World