Bboxx Nigeria, a data-driven energy platform, has secured access to a $300 million World Bank-backed fund to deliver solar power to approximately 90 million Nigerians lacking reliable electricity. The initiative, announced on Wednesday, marks a significant milestone in Nigeria’s efforts to bridge its energy access gap, particularly in rural areas.

The funding, facilitated through a partnership with the Nigeria Electrification Project under the Rural Electrification Agency (REA), will enable Bboxx and other solar developers to expand off-grid solar systems and appliances for rural households and small businesses. This follows Bboxx’s successful implementation of a $75 million REA program in 2022.

Ernest Akinlola, Managing Director of Bboxx Nigeria, described the Stand Alone Solar component as a “game changer” for the industry. “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 said in a statement reported by Punch newspaper. He emphasized the initiative’s role in driving sustainable development by tackling energy poverty, a major obstacle to economic growth in Africa’s most populous nation. “We deeply understand how access to electricity drives economic growth and fundamentally transforms lives,” he added.

Bboxx, which acquired solar firm PEG Africa in 2022, now serves over 3.6 million people across 10 African markets. Its technology-driven model, combining consumer financing with scalable energy solutions, supports 11 of the 17 United Nations Sustainable Development Goals. The $300 million infusion positions Bboxx as a key player in Nigeria’s rapidly growing clean energy sector.

In Nigeria, where over 40% of the population lacks grid access, the government is increasingly relying on private-sector innovation to achieve its electrification targets. This partnership underscores the critical role of solar energy in addressing the country’s energy challenges and fostering sustainable development.