The United States government, through the United States Agency for International Development (USAID) and a leading Nigerian investment bank, Chapel Hill Denham said their partnership has attracted ₦245 billion in investment to Nigeria’s infrastructure space.
They stated this during a conference on ‘Powering Nigeria: Mobilising Private Capital’ hosted by the duo in Lagos to encourage private investment flow to Nigeria’s infrastructure development.
Attendees included domestic investors and private-sector companies who wield over ₦20 trillion in institutional capital and investment expertise in power, renewable energy, agriculture and water, sanitation as well as hygiene.
The participants are essential for boosting economic growth, a statement by the organisers said.
With over 85 million citizens lacking access to electricity, Nigeria has the highest number of people living without electrical power in the world.
The lack of access directly impacts Nigeria’s ability to achieve meaningful growth as a lack of reliable electricity limits productivity and restricts economic expansion.
USAID, through the Power Africa and Prosper Africa Initiatives, and Chapel Hill Denham said they are tackling the challenges by mobilising investment in Nigeria’s electricity supply industry.
To date, the partnership has mobilised ₦245 billion of institutional capital into priority infrastructure projects across Nigeria, including ₦33 billion for renewable energy projects to provide reliable clean energy to low-income consumers.
Speaking at the conference, USAID Mission Director to Nigeria, Melissa Jones, emphasised how investing in infrastructure supports development goals, drives innovation, creates jobs and ensures long-term profitability for businesses and investors alike.
She continued: “The government, private sector, academia and investors must work together to create an enabling environment for the power sector’s growth and the adoption of renewable energy while ensuring reasonable returns and protections for private investors.”
Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, noted: “We are pleased to partner with the US government to advance Prosper Africa and Power Africa Initiative goals. Investing in infrastructure is pivotal to Nigeria’s development, accelerating the attainment of sustainable development goals, enabling sustainable prosperity and creating jobs and opportunities for Nigerians.”
The organisations said they would leverage the showcased infrastructure innovation to facilitate real infrastructure transactions and attract more investment into the Nigerian economy, thereby generating substantial developmental impact.
