Nigeria would receive $50-million in financial support from the Climate Investment Fund (CIF) to stimulate alternative and efficient ways of generating electricity and reduce dependence on energy sources that contribute significantly to greenhouse-gas emissions.
The funding, provided under the CIF’s Clean Technology Fund (CTF), would be used to stimulate investment in downstream opportunities that would lead to greater energy efficiency through a range of technologies, including industrial energy efficiency investments, renewable energy, renewable-based hybrid systems, and cleaner fuels and combustion processes.
The CTF money would complement support provided through the African Development Bank private sector window, to help the country deal with energy efficiency in critical sectors such as power, agribusiness, transport, telecommunications, and education, by targeting local financial institutions to invest and support the shifts to clean, efficient and affordable energy in the different sectors.
The work to improve energy efficiency and increase the use of renewables was in line with Nigeria’s national policy framework, designed to lead the country to an ambitious set of energy goals, including rural energy scale-up and actions to ensure energy efficiency through a combination of regulations and incentives at the national scale.
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