By Anscella Obike
The Renewable Energy Association of Nigeria (REAN) has unveiled a new policy brief calling for naira-denominated concessionary financing to support renewable energy developers and consumers as part of wider efforts to expand access to clean and reliable power across the country. The announcement was made during a two-day conference in Abuja with the theme “Stronger Together: Advancing Energy Access Through Policy, Finance and Inclusion”.
REAN emphasised that Nigeria’s renewable energy sector holds significant potential to close the country’s longstanding electricity access gap, citing the World Bank’s estimate that 85 million Nigerians still lack reliable power supply. Speaking at the event, the acting Chief Executive Officer of REAN, Motunrayo Akinfala, called for stronger collaboration among stakeholders to tackle the structural challenges slowing renewable energy growth.
Akinfala stressed that coordinated efforts among public institutions, private developers, financiers and development partners were crucial to accelerating clean energy deployment, particularly to underserved communities. “This conference is very apt at this time because now, more than ever, it is important for stakeholders in the renewable energy sector to collaborate,” she said. She noted that meaningful partnerships would help bring electricity to last-mile communities and low-income households who struggle to adopt renewable solutions due to high upfront costs.
Appealing for more supportive government policies, Akinfala urged authorities to act on recommendations from the conference and the newly released policy brief. “We need more support from the government. We expect that from the commitments made at this conference, the government will begin to create more enabling policies that will expand renewable energy access in Nigeria,” she added.
Delivering his remarks, the Minister of Power, Chief Adebayo Adelabu, represented by Principal Electrical Engineer Engr. Metu Francis, commended REAN’s advocacy for naira-based concessionary financing and its leadership in driving quality standards across the value chain. He described the conference theme as closely aligned with the Ministry’s commitment to expanding affordable, sustainable energy for Nigerians and emphasised the importance of private sector leadership, local manufacturing, financing institutions and community-centred solutions in meeting national energy transition goals.
“Together, we can accelerate sustainable mini-grids, strengthen local capacity, unlock concessionary financing, and support women, SMEs and underserved communities in adopting clean energy solutions,” he said, assuring the Ministry’s continued support toward achieving Nigeria’s energy mix targets.
Also speaking, President of REAN, Ayo Ademilua, highlighted progress driven by the association in recent years through advocacy, coordination and strategic partnerships. He noted that REAN members have established solar panel assembly plants in both northern and southern Nigeria, producing high-quality panels for local use and export, efforts that have boosted investor confidence and increased foreign direct investment.
“Despite this progress, Nigeria continues to face significant energy access challenges,” he said, pointing out that the country’s estimated 3.3GW installed renewable energy capacity remains well below the 9GW target for 2030.
He described the nation’s Just Energy Transition Plan as promising but stressed the need for stronger action across policy, financing and implementation to accelerate results.
The conference ended with renewed commitments from government and private sector stakeholders to strengthen collaboration and scale clean energy deployment to reach millions of Nigerians still living without reliable electricity.