Trending News: NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two YearsUK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in NigeriaIn Italy, NNPC Woos Investors, Highlights Prospects in Nigeria’s Energy SectorAfreximbank Launches New Entity to Promote Large-scale Trade in Value-added GoodsFCTA Demolishes 35 Illegal Structures at Abuja’s River Park Estate$48bn Deals Closed At Record-breaking Algiers IATF 2025Shettima Hails Uba Sani for Pioneering State Skills Council, Urges Others to Follow Kaduna’s LeadINEC Formally Recognises David Mark-led ADC LeadershipCLIMATE CHANGE AND GROWING IMPACT ON RURAL COMMUNITIESAGONY OF A MOTHERWORKERS AND RIGHT TO SHELTERHow CBN Reforms, Stable Economy is Opening Domestic Markets for FDI inflowsAffirming Promotion of Oral Hygiene, Dental CareBREAKING: Three Hospitalised After Suspected APC Thugs Attack ADC Meeting In OndoBREAKING: Trump Ally Charlie Kirk Shot In Utah University Event IS DeadBREAKING: Trump Ally Charlie Kirk Shot In Utah University ShootingIn Paris, Tinubu Reviews Nigeria, France Bilateral Relations With President Macron2026: I’ll Rescue Osun from Stagnation, Nepotism , Hypocrisy If Elected Gov, Says OmisoreSterling HoldCo Builds On Upward Trajectory With Robust Q42027: Former Kwara Speaker Advocates Inclusion of IREV in Electoral Act to Reduce RiggingPresidency: We’ll Remove All Hitches In Digital Payment, e-Commerce, Targets Quality Financial ServicesBREAKING: Nigerian Police Arrest Journalist Hassan Yelwa While Covering Shiite Maulid Procession In AbujaOsun 2026: Chairmen, Councillors Endorse OmisoreDrug Abuse: UNODC Trains 30 Kwara Teachers on PreventionNiMet Forecast Failure Puts Farming in Jeopardy in Kwara, Says Group2027: INEC, Stakeholders Decry Premature Political Campaigns In Nigeria Again, Nigeria’s Power Grid Collapses, Plunges 30 States into DarknessAnambra Para-military Agency Operatives Allegedly Kill Pregnant Woman, Three OthersOborevwori Waives N200m Fee, Delta, FG Partner on Housing DevtSkills Acquisition: Era Of Working In Isolation Over, Shettima Tells NCSBREAKING: Gunmen Kill Three Police Officers During Attack On Kogi CheckpointNigeria Needs Feasible Housing Policy to Tackle Deficit, Says Fendini CEOEXCLUSIVE: Nigerian Policemen Demand ₦300,000 Bribe To Release Eight-Month-Old Baby, Mother Held Since March In Suleja PrisonUNICEF Hands over Climate Resilience Health, Education Facilities to KanoTragedy as Diphtheria Claims 10 Lives in NigerSouth Africa’s Karavan Press Awarded CANEX Prize for Publishing Norrenberger Gets Best Workplace in Financial Services AwardU.S. Gives $32.5m Food Aid to Nigeria: Lifeline or Bandage?BREAKING: Terrorists Launch Midnight Attack On Kwara Community, Kill Resident As Governor Vacations AbroadAtoyebi Urges Tinubu’s Appointees to Empower People, not Chase WealthNatasha: Citing Pending Appeal Court Case, NASS Blocks Senator’s Resumption Despite Suspension ExpirationDSS Brokers Truce as Oil Workers Call Off Nationwide StrikeEdun, Oyedele Say No Plan to Implement 5% Fuel Surcharge in JanuaryAt CIBN Conference, Tinubu Urges Bankers to Boost Funding to Manufacturing Sector, Digital Innovations, OthersFirst Lady Grants N47m Scholarships, Laptops to 47 UndergraduatesShea Industry: Tinubu’s Bold Policy Will Drive Economic Renewal, Make Nigeria Global Leader, Says IdrisCAPPA Commends FG’s Health Tax PolicyRenewable Energy: Experts Call for Collaboration to Drive Adoption of New TechnologiesNigeria, Angola to Sign 15 MoUs As 5th Joint Commission Begins in LuandaAmnesty Programme Disowns Itsekiri Graduates of Novena Varsity2027: More Govs Will Join APC, Says YilwatdaRights Advocate Tasks Young Lawyers: Use Litigation to Demand Accountability from GovtIGP Applauds DEPOWA’s Full Scholarships for Children of Fallen HeroesAfreximbank, BOA Seal $1bn Deal for Nigeria’s Smallholder FarmersNGO to Empower 2,000 Frontline Health Workers in KatsinaAtiku: ADC Mission is to Defend Nigerians from Tinubu’s Anti-democratic ForcesAdire Teems Represents Nigeria at CANEX 2025 in AlgeriaCOAS, Lt. 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Thu. Sep 11th, 2025
Trending News: NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two YearsUK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in NigeriaIn Italy, NNPC Woos Investors, Highlights Prospects in Nigeria’s Energy SectorAfreximbank Launches New Entity to Promote Large-scale Trade in Value-added GoodsFCTA Demolishes 35 Illegal Structures at Abuja’s River Park Estate$48bn Deals Closed At Record-breaking Algiers IATF 2025Shettima Hails Uba Sani for Pioneering State Skills Council, Urges Others to Follow Kaduna’s LeadINEC Formally Recognises David Mark-led ADC LeadershipCLIMATE CHANGE AND GROWING IMPACT ON RURAL COMMUNITIESAGONY OF A MOTHERWORKERS AND RIGHT TO SHELTERHow CBN Reforms, Stable Economy is Opening Domestic Markets for FDI inflowsAffirming Promotion of Oral Hygiene, Dental CareBREAKING: Three Hospitalised After Suspected APC Thugs Attack ADC Meeting In OndoBREAKING: Trump Ally Charlie Kirk Shot In Utah University Event IS DeadBREAKING: Trump Ally Charlie Kirk Shot In Utah University ShootingIn Paris, Tinubu Reviews Nigeria, France Bilateral Relations With President Macron2026: I’ll Rescue Osun from Stagnation, Nepotism , Hypocrisy If Elected Gov, Says OmisoreSterling HoldCo Builds On Upward Trajectory With Robust Q42027: Former Kwara Speaker Advocates Inclusion of IREV in Electoral Act to Reduce RiggingPresidency: We’ll Remove All Hitches In Digital Payment, e-Commerce, Targets Quality Financial ServicesBREAKING: Nigerian Police Arrest Journalist Hassan Yelwa While Covering Shiite Maulid Procession In AbujaOsun 2026: Chairmen, Councillors Endorse OmisoreDrug Abuse: UNODC Trains 30 Kwara Teachers on PreventionNiMet Forecast Failure Puts Farming in Jeopardy in Kwara, Says Group2027: INEC, Stakeholders Decry Premature Political Campaigns In Nigeria Again, Nigeria’s Power Grid Collapses, Plunges 30 States into DarknessAnambra Para-military Agency Operatives Allegedly Kill Pregnant Woman, Three OthersOborevwori Waives N200m Fee, Delta, FG Partner on Housing DevtSkills Acquisition: Era Of Working In Isolation Over, Shettima Tells NCSBREAKING: Gunmen Kill Three Police Officers During Attack On Kogi CheckpointNigeria Needs Feasible Housing Policy to Tackle Deficit, Says Fendini CEOEXCLUSIVE: Nigerian Policemen Demand ₦300,000 Bribe To Release Eight-Month-Old Baby, Mother Held Since March In Suleja PrisonUNICEF Hands over Climate Resilience Health, Education Facilities to KanoTragedy as Diphtheria Claims 10 Lives in NigerSouth Africa’s Karavan Press Awarded CANEX Prize for Publishing Norrenberger Gets Best Workplace in Financial Services AwardU.S. Gives $32.5m Food Aid to Nigeria: Lifeline or Bandage?BREAKING: Terrorists Launch Midnight Attack On Kwara Community, Kill Resident As Governor Vacations AbroadAtoyebi Urges Tinubu’s Appointees to Empower People, not Chase WealthNatasha: Citing Pending Appeal Court Case, NASS Blocks Senator’s Resumption Despite Suspension ExpirationDSS Brokers Truce as Oil Workers Call Off Nationwide StrikeEdun, Oyedele Say No Plan to Implement 5% Fuel Surcharge in JanuaryAt CIBN Conference, Tinubu Urges Bankers to Boost Funding to Manufacturing Sector, Digital Innovations, OthersFirst Lady Grants N47m Scholarships, Laptops to 47 UndergraduatesShea Industry: Tinubu’s Bold Policy Will Drive Economic Renewal, Make Nigeria Global Leader, Says IdrisCAPPA Commends FG’s Health Tax PolicyRenewable Energy: Experts Call for Collaboration to Drive Adoption of New TechnologiesNigeria, Angola to Sign 15 MoUs As 5th Joint Commission Begins in LuandaAmnesty Programme Disowns Itsekiri Graduates of Novena Varsity2027: More Govs Will Join APC, Says YilwatdaRights Advocate Tasks Young Lawyers: Use Litigation to Demand Accountability from GovtIGP Applauds DEPOWA’s Full Scholarships for Children of Fallen HeroesAfreximbank, BOA Seal $1bn Deal for Nigeria’s Smallholder FarmersNGO to Empower 2,000 Frontline Health Workers in KatsinaAtiku: ADC Mission is to Defend Nigerians from Tinubu’s Anti-democratic ForcesAdire Teems Represents Nigeria at CANEX 2025 in AlgeriaCOAS, Lt. Gen Oluyede Visits Ogoja, Reassures on Better Welfare for Troops ​​How Kenechukwu Okafor is Impacting Society Through VolleyballParaquitom: Celebrating Your Life, Story, Legacy and Capturing Your Essence for Future GenerationsHow Tired Land, High Interest Loans Hamper Bountiful Harvest for Women FarmersFoursquare Church to Host 12th Annual Public Lecture on Poverty Alleviation, Economic DevtAFTER EKPA: BALLOTS, NOT BULLETSDEACTIVATING SOCIAL MEDIA ACCOUNTSAFMPN to Brainstorm on Harnessing Technologies for Smart Workplaces, CitiesNUPENG Suspends Strike, Sign Agreement With Dangote RefineryNEPC Equips Entrepreneurs with Export Skills at Lagos Mainland Trade FairShettima At NES Annual Summit, Describes Tinubu Govt’s Bold Reforms As Proof Of Political Will In Economic PolicyAs Hurricane Odey Sweeps Across the North, Leaving Trails of SweetnessPresidency: 70% Of Insecurity In N ‘Central States Solvable Through Non-kinetic MeansNBS, INEC Collaborate On Data CollationEXCLUSIVE: Tinubu Loyalists In Secret Meeting Involving Governor Vow To Attack, ‘Demobilise’ Sowore For Criticising ‘Their Leader’Suspected Bandits Kidnap APC Chairman’s Wife, Daughter in KwaraFRSC, KT-IRS to Establish Number Plate Manufacturing PlantEXCLUSIVE: Nigerian Police Spent N22million On 85 Cartons Of Cracker Biscuits For Personnel On OperationsLiteracy Day: Prospects Are High Towards Achieving SDG-4 in 2030, Says FGFlood: 545 Households Displaced in KadunaUNICEF Calls for Institutionalisation of National Social Register to Tackle  Poverty in NigeriaOyebanji: Ekiti Teachers Critical to Our Shared Prosperity AgendaSowore Writes Facebook, Urges Social Media Platform to Reject DSS’ Request for Ban, Deactivation of His AccountPIND Arts, Culture Initiative Promotes Peace in N’DeltaRSUTH Seek Collaboration for a Sustained Global Health PrioritiesBREAKING: INEC Workers Shut Offices In Kwara Council Areas Over Rising Attacks, KidnappingsHouse Confirms Discovery of Dead Body around N’Assembly ComplexWinners Emerge in LearnHistory Africa Kids Essay CompetitionEXCLUSIVE: How Nigerian Police Took ₦5million Bribe To Cover Up Murder In Abuja Community By Land Grabbers Led By Bwari ChairmanWomen Group Demands End to Killing of Igbo YouthsWike Appoints Sabanti Nathan FCTA Acting Head of ServiceSowore’s Lawyer Effiong Writes Meta To Ignore DSS Call On Facebook Ban, Says Tinubu Should Seek Redress In CourtNUPENG Strike: FG’s Peace Meeting with Dangote, Oil Workers Ends in DeadlockKachikwu: FG Must Insulate NNPC, NUPRC, NMDPRA from Political Interference to Restore Confidence in Oil SectorEcobank Seeks Noteholders’ Consent on $875 Million DebtNIM President: No Meaningful Development Can Occur in Chaotic, Insecure AtmosphereAchonu: National Assembly Working on Bill to Legalise Cannabis for Medicinal, Economic PurposesTUC Threatens Nationwide Strike Over 5% Tax on Petroleum ProductsNo Casualties as Thunderstorm Cuts 132kv Otukpo-Nsukka Transmission LineBolaji Abdullahi: We Have Completed our Documentations with INECCVR: Over 3.5m Nigerians Registered in Three WeeksGuber Poll: No Vacancy in Anambra Government House, Says GroupOlu of Warri Intervenes in Itsekiri Graduates’ Tuition Backlog
Thu. Sep 11th, 2025

Afreximbank Launches New Entity to Promote Large-scale Trade in Value-added Goods

Nume Ekeghe

African Export-Import Bank (Afreximbank) has launched the African Trade and Distribution Company (ATDC) to catalyse large scale trade in raw materials, minerals and value-added products from across Africa.

Afreximbank, through the Fund for Export Development in Africa (FEDA), established ATDC in collaboration with Arise Integrated Industrial Platforms (Arise IIP), Equitane DMCC and the African Continental Free Trade Area (AfCFTA) Secretariat.

A statement yesterday explained that the new entity has already secured a $1 billion funding pledge from Afreximbank to invest in aggregation of value-added goods, support logistics and distribution networks as well as financing its subsidiaries’ business operations.

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah officiated the operational launch of ATDC in an event held during the ongoing Intra-Africa Trade Fair 2025 (IATF2025) in Algiers, Algeria.

This was in the presence of the Acting Prime Minister of the People’s Democratic Republic of Algeria, H.E. Sifi Ghrieb and other heads of government and ministers from African and Caribbean countries.

Also unveiled during the launch was ATDC’s flagship subsidiary, ATDC Minerals (ATMIN), dedicated to trading and financing minerals and hydrocarbons.

Oramah was quoted in a statement yesterday, to have said: “Africa is rich in resources; but historical dynamics have skewed our trade outwards. Traditionally, the continent has relied on others to add value to its commodities and minerals as well as to trade them.

“Through ATDC and ATMIN, we aim to close the loop and to take back control of how our commodities and minerals in global Africa are produced and traded across value chains by integrating them in local economies to benefit more people.”

On the margins of the official launch ceremony, ATDC signed deals with several firms across the continent spanning logistics, minerals, agricultural produce, among others.

These include: a collaboration with Arise Integrated Industrial Platforms (ARISE IIP) to supply feedstock to its operating companies in various special economic zones; a co-investment partnership with BSMART Technology Limited to establish digitally integrated logistics hubs in key African ports trade repos with Export Trading Group (ETG), KK Kingdom Nigeria Limited and Sunbeth Global Concepts Limited.

The ATDC also agreed on terms for joint ventures with CBZ Holdings and Nigeria Commodity Exchange for setting up national ATDCs in Zimbabwe and Nigeria respectively. At the same time, ATMIN announced landmark deals to the tune of about US$3 billion which included oil lifting arrangements with Nigeria National Petroleum Company Limited and Roxzen Nigeria Limited.

Speaking during the event, the CEO of ATDC, Abdul Aziz Ba said: “We look forward to cultivating a robust trading ecosystem across Africa that integrates with global markets for shared prosperity through impactful partnerships and effective logistics. Through this, we will transform Intra-African trade by driving the continent’s transition from export of raw materials and minerals to value added products and last mile distribution.

“ATDC is investing in expanding production and processing capacity, establishing connections across regional value chains and to markets, and delivering effective distribution channels.”

The CEO of ATMIN, Ajay Oommen noted: “ATMIN is committed to supporting the monetisation of Africa’s abundant fossil fuel resources ahead of the global energy transition.

“We aim to foster stronger Intra-African trade, drive value addition, and streamline supply chains to ensure that a significant share of this value is retained within the continent.”

IATF2025 comes to an end today. It is the fourth edition of IATF, the biennial event co-convened by Afreximbank, the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat and hosted by the People’s Democratic Republic of Algeria.

The post Afreximbank Launches New Entity to Promote Large-scale Trade in Value-added Goods appeared first on THISDAYLIVE.

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    NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two Years

    NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two Years

    •Secures over $400m in pre-sale obligations 

    •Commission vows to ensure safeguarded divestment, smooth assets sale transition 

    •Compliance with industry audits mandatory, says NEITI

    Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday disclosed that it has approved 94 Decommissioning and Abandonment (D&A) plans since April 2023, representing total liabilities of $4.424 billion, arising from all Field Development Plans (FDPs) submitted within this period.

    The commission stated that this was done in strict alignment with the Petroleum Industry Act (PIA) 2021, explaining that these liabilities would be remitted progressively over the production life of the respective fields into designated escrow accounts.

    The Chief Executive of the commission, Gbenga Komolafe, who made the disclosure during his remarks at the Nigerian Extractive Industries Transparency Initiative (NEITI) Companies Forum in Lagos, explained that over $400 million in decommissioning liabilities had already been secured by the organisation.

    Maintaining that the NUPRC under him was setting stricter rules for recent asset transfers, Komolafe who was represented by the Deputy Director, Human Resources, Corporate Services & Administration, Efemona Bassey, noted that Nigeria was applying lessons from costly global divestment cases to safeguard its oil and gas sector.

    Komolafe spoke on the theme: “Divestments, Liabilities, and the Impact of Ongoing Reforms on Extractive Companies in Nigeria,” a statement in Abuja by NUPRC’s Head of Media and Strategic Communications, Eniola Akinkuotu stated.

    The NUPRC chief said the commission had drawn lessons of divestments from the North Sea, where decommissioning was estimated at £27 billion by 2032; the Gulf of Mexico costing over $9 billion and in Canada’s Alberta, where more than 97,000 inactive or abandoned wells now carry an estimated decommissioning and abandonment cost of between C$30 billion and C$70 billion.

    In Australia, Komolafe stated that Northern Oil & Gas Australia in 2019 left behind liabilities of more than AU$200 million.

    He stated that the lessons from these experiences guided the recent divestment approvals from NAOC to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; SPDC to Renaissance Africa Energy; and TotalEnergies to Telema Energies.

    He added: “Without a robust and enforceable framework for abandonment and decommissioning, divestment transitions can create lasting financial and environmental burdens.

    “Nigeria is not immune to this challenge, and if we are to avert costly mistakes. It is precisely to avoid this outcome that Nigeria, through the Petroleum Industry Act and subsequent regulatory actions, has taken bold and decisive steps.”

    The NUPRC boss highlighted Nigeria’s response to the recent divestments in line with Sections 232 and 233 of the PIA which place full responsibility for the decommissioning and abandonment of petroleum wells, installations, structures, utilities, plants, and pipelines on licensees and lessees.

    According to him, each of the 2024 divestments provided a critical opportunity to put the commission’s divestment framework to test and action, rigorously assessing the technical capacity of acquiring entities, verifying their financial strength, and securing decommissioning and abandonment obligations through upfront escrow arrangements.

    Komolafe said, “The results from 2024 speak for themselves. Over $400 million in pre-sale decommissioning and abandonment liabilities have been secured through Letters of Credit and escrow accounts. Host Community Development Trust (HCDT) obligations are fully honoured. Environmental remediation commitments worth over $9.2 million have been pledged while awaiting the formal gazetting of the ERF regulations.”

    The CCE said beyond the significant progress achieved through the divestment framework, it was important to highlight another milestone.

    “Since April 2023, we have approved 94 D&A plans, in strict alignment with the PIA. These approvals represent total liabilities of $4.424 billion, arising from all Field Development Plans submitted within this period, and will be remitted progressively over the production life of the respective fields into designated escrow accounts,” he added.

    He further disclosed that the commission has addressed a long-standing concern with the International Oil Companies (IOCs) regarding the domiciliation of the escrow accounts; and the regulatory framework, developed after extensive consultations with industry stakeholders, is now awaiting gazetting by the Ministry of Justice.

     In addition to divestments, the commission, he said, has been working with operators on life extension projects, ranging from facility integrity audits to subsea upgrades and enhanced reservoir management measures that sustain safe production, delay decommissioning, and reduce environmental risks.

    Also at the forum, NEITI reaffirmed that compliance with its mandatory industry audit process is not optional but a legal obligation for all companies operating in Nigeria’s extractive industries.

    Speaking at the opening session, the Executive Secretary of NEITI, Dr. Ogbonnaya Orji, stressed that transparency and accountability are not only national requirements but also critical pillars for building investor confidence, strengthening citizens’ trust, and aligning Nigeria’s extractive practices with global standards.

    Orji explained that compliance with NEITI’s audit process underpins efforts to improve Nigeria’s business environment and attract sustainable international investments, a statement by the organisation’s Director of Communication & Stakeholders Management, Obiageli Onuorah, noted

    He noted that the NEITI companies forum had become a strategic platform for forging closer partnerships with companies in the oil, gas, and mining sectors, focusing on: data disclosure on company payments and beneficial ownership transparency.

    Besides, Orji listed contract transparency; sub-national fiscal sustainability as well as climate change, and multi-stakeholder collaboration as some of the reasons for the platform.

    He announced that work on the 2024 NEITI Industry Reports had already commenced and will be concluded before the end of the year, urging companies to ensure full and timely compliance to meet reporting deadlines.

    Also, the Chairman of the NEITI Companies Forum, Mr. Gwueke Ajaifia, described the proliferation of demands for data and payments from multiple agencies as a key factor frustrating the business environment. He called on NEITI to escalate the matter to the federal government.

    The President of the Miners Association of Nigeria and Deputy Chairman of the Forum, Mr. Dele Ayanleke, commended NEITI for establishing the Companies Forum and urged the agency to leverage its multi-stakeholder framework and international affiliations to ensure that the industry’s concerns are promptly addressed to restore investors’ confidence.

    The post NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two Years appeared first on THISDAYLIVE.

    ​  

    •Secures over $400m in pre-sale obligations  •Commission vows to ensure safeguarded divestment, smooth assets sale transition  •Compliance with industry audits mandatory, says NEITI Emmanuel Addeh in Abuja and Peter Uzoho
    The post NUPRC Approves 94 Decommissioning, Abandonment Plans, Total FDP Liabilities Hit $4.4bn in Two Years appeared first on THISDAYLIVE.

    Continue reading
    UK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in Nigeria

    UK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in Nigeria

    Emmanuel Addeh in Abuja

    British International Investment (BII), the UK’s development finance institution and impact investor, and Odyssey Energy Solutions, a technology company accelerating distributed energy in emerging markets, have launched a new financing facility to support the rollout of electricity mini-grids for families and businesses across Nigeria.

    With $7.5 million funding from BII, the facility leverages Odyssey’s proprietary procurement platform and supply chain credit solution to support mini-grid developers, a statement in Abuja said.

    The finance will be deployed to support Nigeria’s Distributed Access through Renewable Energy Scale-Up (DARES) programme backed by the World Bank, which aims to improve energy access for 17.5 million Nigerians.

    Specifically, Odyssey works to bridge the gap between commitment and disbursement of DARES connections-based subsidies by addressing the financing bottleneck of upfront costs such as acquiring equipment and import duties.

    Through this offering, developers can procure high-quality solar and energy storage equipment with minimal upfront capital, paying back as projects reach revenue-generating milestones, the statement added.

    This provides some key benefits for Nigerian solar companies including: Competitive pricing through aggregated procurement; flexible payments, improving working capital; faster procurement cycles, accelerating deployment timelines; end-to-end logistics support, from customs to last-mile delivery and high-quality, vetted equipment, ensuring system reliability.

    The new facility comes at a critical time, as Nigeria ramps up its mini-grid ambitions under the DARES programme, backed by the World Bank. With DARES endeavouring to improve energy access for 17.5 million Nigerians, the demand for streamlined procurement and innovative financing is more urgent than ever, it said.

    The new facility, it said, has the potential of scaling up to meet the demand generated by the  programme by partnering with a growing network of qualified developers and suppliers to accelerate project execution and reduce time to electrification.

    British Deputy High Commissioner, Lagos,  Jonny Baxter, said: “British International Investment (BII) has demonstrated its confidence in Nigeria’s clean energy sector through its strategic investments. This is a signal that opportunities for the private sector to drive forward the renewable energy revolution in Nigeria and across Africa are growing.

     “UK finance is playing a pivotal role- helping to unlock green growth and establish Britain as a credible global partner on climate action in line with our Enhanced Trade and Investment Partnership (ETIP) with Nigeria.”

    West Africa Regional Director at BII, Benson Adenuga, said: “About 90 million people in Nigeria do not have access to electricity. Mini-Grids powered by clean and affordable energy sources have a vital role to play in rapidly reducing that number. I am delighted that BII is partnering with Odyssey to accelerate the development of such projects.”

    Also, Piyush Mathur, Co-Founder and Managing Director of Odyssey Energy Solutions, said: “BII has demonstrated a progressive and practical approach to unlocking financing challenges in distributed energy.

     “Their support allows us to offer flexible, affordable financing options that meet developers where they are, so that we can collectively accelerate electrification across Nigeria.”

    With more than 3,000 installers and over $3 billion of available finance on the platform, Odyssey Procurement is the latest addition to Odyssey’s end-to-end platform, built to rapidly accelerate the clean energy transition in emerging markets.

    By integrating procurement, financing and monitoring into a single solution, Odyssey streamlines the solar project lifecycle—enabling companies to scale more quickly, operate efficiently, and deliver clean energy faster than ever before.

    The post UK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in Nigeria appeared first on THISDAYLIVE.

    ​  

    Emmanuel Addeh in Abuja British International Investment (BII), the UK’s development finance institution and impact investor, and Odyssey Energy Solutions, a technology company accelerating distributed energy in emerging markets, have
    The post UK Finance Institution, Firm Launch Facility to Advance Mini-grid Use in Nigeria appeared first on THISDAYLIVE.

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