Bboxx Nigeria has gained access to a $300 million World Bank-backed fund aimed at accelerating off-grid solar deployment to millions of Nigerians without reliable electricity.
The financing, under the Nigeria Electrification Project and managed by the Rural Electrification Agency (REA), marks a major milestone in the country’s bid to close its long-standing energy access gap.
With over 90 million people in Nigeria still living without stable electricity, the new capital is expected to supercharge private-sector efforts to bring clean, affordable energy to underserved communities.
Bboxx, a tech-driven energy solutions company, will leverage the fund to scale its solar electricity and appliance offerings across rural households and small businesses nationwide.
“The Stand Alone Solar component is a game changer for the industry,” said Bboxx Nigeria Managing Director Ernest Akinlola in an interview with The PUNCH.
He emphasized that the funding allows the company to expand its footprint and deepen impact in areas most affected by energy poverty.
“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 stated.
This isn’t Bboxx’s first engagement with the REA. The company previously secured support from a $75 million program in 2022, helping it deploy scalable off-grid solutions.
With the new World Bank initiative, it now stands poised to reach more people and scale faster.
Akinlola stressed the broader economic and social value of electrification, noting that Bboxx views energy access as essential to sustainable development.
“We deeply understand how access to electricity drives economic growth and fundamentally transforms lives,” he said.
Bboxx, which acquired solar company PEG Africa in 2022, now operates in 10 African markets, impacting more than 3.6 million people.
Its model combines data-driven energy delivery with consumer financing, helping to meet 11 of the 17 United Nations Sustainable Development Goals.
The $300 million fund is one of the largest solar-driven electrification efforts in Africa and underscores Nigeria’s growing reliance on private innovation to meet national electrification goals.
More than 40% of the country’s population remains without grid access, with rural areas most affected.
The Nigeria Electrification Project, supported by the World Bank and executed by the REA, is one of the most ambitious programs of its kind globally.
It is designed to drive inclusive energy access by mobilizing private-sector players like Bboxx to deliver clean, decentralized energy at scale.
With this latest development, Bboxx is positioned to lead the next chapter in Nigeria’s clean energy journey, delivering life-changing power solutions to millions who need it most.
