Business
REA Set To Boost Electricity Access
The Rural Electricity Agency (REA) says about 80 million Nigerians lacked access to grid electricity in the country, hence, it embarked on some measures to bridge the gap.
The Managing Director of the Agency, Mrs Damilola Ogunbiyi, disclosed this at the Nigerian Off Grid Investment Opportunities Workshop organised by Energy Mix Hub, a subsidiary of Energy Mix Limited.
To reduce the deficit, Ogunbiyi said her agency was pushing for solar home systems through which millions of Nigerians could have access to reliable power from the private market.
She said the agency came up with mini grid regulation designed to accelerate electricity in areas without distribution grid and those with poorly electrified or non-functional distribution grid.
She also said the WorldBank’s investment in Nigeria’s off grid electricity market was the largest ever which would create huge opportunities for the private sector participants in the off grid power business.
Ogunbiyi said Nigeria had the largest access deficit in Sub Saharan African and in the world, after India.
According to her, while about 83.6 per cent of the urban population has access to electricity, the figure is a mere 39.1 per cent rural areas.
“Levels of access to electricity also vary between the states. From close to universal access in Lagos to about 11per cent in Taraba.
“Thirteen states have levels of access of below 40 per cent,” she said.
She also said the nation’s access to electricity was still a challenge due to inaccurate data from power distribution companies on the exact number of metered customers.
She said power distribution firms had conflicting figures with those of the Nigerian Electricity Regulatory Commission.
According to her, access to electricity is also challenged because cost of grid extension is greater than revenue, especially for small communities.
She said the years of violent conflict in the North-Eastern part of the country had denied the residents requisite access to electricity.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.