Photo caption: World Bank logo
Bboxx Nigeria, a data-driven energy platform, has secured access to the $300m World Bank-backed fund to bring solar power to roughly 90 million Nigerians without reliable electricity, marking a major step in the nation’s push to close its energy access gap.
The new capital, facilitated through a partnership with the Nigeria Electrification Project, under the Rural Electrification Agency, will allow Bboxx and other solar developers to expand the penetration of off-grid solar systems and appliances, targeting rural households and small businesses.
“The Stand Alone Solar component is a game changer for the industry,” Managing Director Ernest Akinlola revealed to The PUNCH. This deal follows Bboxx’s successful navigation of a $75m Rural Electrification Agency program in 2022.
“We are thrilled to leverage this funding to expand solar electricity and appliance adoption, targeting the 90 million Nigerians currently without access to reliable power,” Akinlola remarked.
The initiative aims to drive Nigeria’s sustainable development by addressing energy poverty, a critical barrier to growth in Africa’s most populous nation.
“We deeply understand how access to electricity drives economic growth and fundamentally transforms lives,” the CEO enthused.
Bboxx, which absorbed solar firm PEG Africa in 2022, now reaches over 3.6 million people across 10 African markets. Its tech-driven approach, blending consumer financing with scalable energy solutions, supports 11 of the 17 United Nations Sustainable Development Goals.
The $300m infusion positions Bboxx to cement its role as a leader in Nigeria’s fast-growing clean energy sector.
Nigeria, where over 40 per cent of the population lacks grid access, is leaning on private-sector innovation to meet electrification goals. The SAS fund signals growing confidence in solar as a viable solution to power the country’s future, with Bboxx at the forefront.
The World Bank Nigeria Electrification Project and the Rural Electrification Agency are one of the most ambitious rural electrification efforts globally, leveraging private sector participation and renewable energy to address Nigeria’s persistent electricity access challenges.
