By Tochukwu Ezeukwu, Regional Director, African Venture Philanthropy Alliance

Sub-Saharan Africa (SSA) is a frontier for global economic growth, yet 600 million people, including 85 million Nigerians, lack access to reliable electricity—about 40% of Nigeria’s population. With a per capita GDP of $1,823, SSA lags behind East Asia ($2,303) and Latin America ($10,079). In 2024, SSA’s GDP growth was 3.3%, projected to reach 3.5% in 2025, trailing East Asia’s 4.7% and South Asia’s 5.8% according to World Bank Data. Nigeria, Africa’s largest economy, faces a $29 billion annual economic loss due to energy poverty World Bank. As Regional Director of the African Venture Philanthropy Alliance (AVPA), I work with our CEO, Dr. Frank Aswani, to mobilise catalytic capital for Nigeria’s energy revolution. Here’s how electricity can power Nigeria’s future—and how you can join us.

Electricity: The Engine of Nigeria’s Economy
Reliable energy is the backbone of progress. Without it, businesses stall, healthcare falters, and communities remain trapped in poverty. In Nigeria, 85 million people lack consistent electricity, with rural areas—home to 70% of Nigerians—hit hardest, relying on costly, polluting generators according to IEA. Yet, Nigeria’s innovators are lighting the way. Solar Sister has empowered 3,000 women entrepreneurs to distribute solar solutions, impacting over 1 million people across Africa, including thousands of households in Nigeria. M-KOPA, a leading solar fintech, has provided solar systems to 500,000 homes in Nigeria, reducing carbon emissions by an estimated 15% for its users. Arnergy, another Nigerian solar pioneer, powers 35,000 homes with off-grid solutions, boosting productivity.

These successes show what’s possible when capital meets innovation. AVPA’s Africa Social Impact Exchange (ASIEx) connects energy entrepreneurs with investors, de-risking projects through blended finance. Our Catalytic Pooled Fund, aiming to mobilise $200 million by 2028, has channelled $10 million into Nigerian energy startups, crowding in $50 million in private capital. For example, a partnership with the Rockefeller Foundation supported a microgrid project in Ogun State, powering 10,000 homes and creating 200 jobs. Another Lagos-based startup secured $5 million through AVPA’s networks to scale off-grid solar, reducing energy costs for 50,000 households.

Scaling Nigeria’s Energy Revolution
Nigeria’s potential to lead Africa’s energy transition is immense, with abundant solar and wind resources to power its 213 million people. Yet, high upfront costs, regulatory hurdles, and limited investor awareness persist. AVPA’s Africa Climate Investing Forum, led by Dr. Aswani, promotes innovative financing like carbon credits, which could unlock $2 billion for Nigeria’s renewable sector by 2030. The Nigerian Energy Transition Plan aims for 30,000 MW of renewable energy by 2060, creating 340,000 jobs, according to CSIS. AVPA’s partnerships, like with the Mastercard Foundation, have already channelled $50 million into Nigerian SMEs, empowering women and youth in energy ventures.

The 2025 AVPA Conference, held in Nairobi from November 3–5, will amplify these efforts. Under the theme “Driving Sustainable Investments and Innovations for Resilient Growth,” our Tech for Good track will showcase energy innovators. Capital seekers can pitch to over 300 global investors in deal rooms, building on the $15 million in commitments achieved in 2024. Investors will gain insights into high-return opportunities—renewable projects in Nigeria yield up to 18% ROI—through workshops led by experts. 

Join the Movement
Nigeria can’t wait for power. Electricity is the catalyst for economic growth, poverty reduction, and climate resilience. AVPA is committed to making Nigeria a beacon of sustainable energy, but we need investors, entrepreneurs, and policymakers to act. Join us at the 2025 AVPA Conference to forge partnerships, access capital, and scale Nigeria’s energy revolution. Together, we can power Nigeria’s future and unlock Africa’s potential.

Tochukwu Ezeukwu is the Regional Director for West Africa at AVPA, driving impact investing across Nigeria.