REA secures N100bn credit to boost rural renewable energy access
Rural Electrification Agency (REA) partners with Lotus Bank for N100 billion revolving credit facility to expand renewable energy access in underserved Nigerian communities. The agreement aims to eliminate financing bottlenecks for renewable energy developers, providing up to N8 billion per developer for equipment procurement. REA Managing Director Abba Aliyu stated this removes barriers to scaling rural electrification projects, aligning with Nigeria's National Electrification Strategy. Lotus Bank's Isiaka Ajani-Lawal emphasized the initiative will stimulate MSME growth and create jobs. The facility includes 90% counterpart funding for approved projects and reduces financial risks for developers. Expected to accelerate universal electricity access and support Nigeria's clean energy transition.