UK to invest £10 million into low-carbon energy projects in Nigeria

This contribution builds on the minister’s commitments at Cornwall G7 and COP26 to help developing countries take advantage of clean technology, grow their economies sustainably and leverage institutional investment, according to a report in an African power and energy journal.

Ford also announced plans to provide British support for the high concentration of female entrepreneurs across Nigeria. Given that Nigerian businesswomen and female entrepreneurs currently face disproportionate barriers to business, the United Kingdom has agreed to invest an additional £74 million ($100,597,450).

Ford announced that this new investment will be aimed at boosting support for women-owned businesses, as well as small and medium enterprises, which contribute to 48 per cent of Nigeria’s gross domestic product. 

“The UK is committed to increasing both renewable energy and energy access in Nigeria, driving clean, sustainable and resilient growth,” said Ford.

While supporting Nigeria’s climate change commitments, the amount will also be blended to de-risk transactions, therefore mobilising domestic institutional investment from local pension funds, insurance firms and other local institutional investors.

Currently, approximately 85 million Nigerians are without access to reliable energy and this investment creates an opportunity to provide better standards of living for the Nigerian people, as well as the opportunity for job creation.