The bank revealed this on Friday, stressing that more than 85 million people lacked access to electricity in Nigeria as of 2021, with households and businesses reliant on expensive diesel and petrol generators.
The bank said the Distributed Access through Renewable Energy Scale-up (DARES) project will be financed by the International Development Association and will leverage over $1 billion of private capital and financing from development partners to provide access to new or improved electricity supplies to more than 17.5 million Nigerians.
Shubham Chaudhuri, World Bank Country Director for Nigeria noted that the project is the largest-ever single distributed energy project by the World Bank globally.
