CBN considering $4.3m investment in renewables

The Central Bank of Nigeria (CBN) is considering whether to pour some N1.53 billion ($4.3m) into off-grid renewable energy projects across the country.

Javier Betancourt, the chief of party for the USAID-funded Renewable Energy and Energy Efficiency Project (REEEP) in Nigeria, said the United States Agency for International Development (USAID) is holding talks with the apex bank for the investments.

USAID and its partner, Power Africa, have just completed the REEEP initiative, which was introduced in 2014 to facilitate the development and financing of renewable energy and the energy efficiency projects in Nigeria.

Betancourt said about $2.1 million (EUR 1.7m) in financing has been provided for renewable energy and energy efficiency projects in Nigeria under the REEEP.