Thousands of rural communities without electricity may soon see the lights come on as REA and Lotus Bank roll out a massive N100 billion financing plan to boost clean energy access.
The Rural Electrification Agency (REA) has signed a landmark agreement with Lotus Bank to unlock N100 billion in financing aimed at expanding renewable energy supply to Nigeria’s unserved and underserved communities.
The deal provides a revolving credit facility of up to N8 billion per developer, enabling renewable energy companies to procure equipment and fast-track mini-grid and off-grid electricity projects. Lotus Bank will also offer up to 90% counterpart funding for approved projects, helping developers overcome major financing barriers.
The partnership supports the World Bank-backed Distributed Access to Renewable Energy Scale-up (DARES) programme, designed to increase private sector participation in delivering electricity to homes, businesses, and public institutions.
REA will oversee technical compliance by prequalifying developers and verifying project delivery, while Lotus Bank will deploy financial platforms and trade tools to ensure efficient project execution and sustainability.
REA Managing Director, Abba Aliyu, described the N100 billion facility as a game-changer that will remove long-standing financing bottlenecks and accelerate universal access to affordable electricity.
Lotus Bank MD, Isiaka Ajani-Lawal, said the initiative goes beyond power supply, stressing that it will boost economic growth, support small businesses, and improve livelihoods across rural Nigeria.
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