The partnership between the US Agency for International Development and investment bank, Chapel Hill Denham, has led to the mobilisation of about N245bn for infrastructural projects in Nigeria.
This was disclosed in a statement issued on Wednesday at the end of a conference themed ‘Powering Nigeria: Mobilising Private Capital,’ to encourage private investment in Nigeria’s infrastructure development.
Attendees included domestic investors and private-sector companies who
controlled about N20tn in institutional capital and investment expertise in power, renewable energy, agriculture, water, sanitation and hygiene.
The statement indicated that USAID through the Power Africa and Prosper Africa Initiatives and Chapel Hill Denham were tackling the challenges in the power sector of Nigeria by mobilising investment in Nigeria’s electricity supply industry.
“To date, the partnership has mobilised N245bn of institutional capital into priority infrastructure projects across Nigeria, including N33bn for renewable energy projects to provide reliable clean energy to low-income consumers,” the partners said.
According to reports, Nigeria has the highest number of people living without electrical power in the world, with over 85 million citizens lacking access to electricity.
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.”
The Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, averred, “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 the sustainable development goals, enabling sustainable prosperity, and creating jobs and opportunities for Nigerians.”