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IFC, Canada Back Husk Nigeria with $5m to Expand Solar Mini-Grids

The Business NG

The BusinessNG

The International Finance Corporation (IFC), with support from the Government of Canada, has committed $5 million to Husk Power Systems Nigeria to expand access to renewable energy across underserved communities in Northern Nigeria.

The investment, announced on Thursday in Lagos, will fund the deployment of up to 108 solar hybrid mini-grid sites, delivering clean, affordable electricity to approximately 115,000 Nigerians and small businesses. It is the first disbursement under the IFC's Distributed Access through Renewable Energy Scale-up (DARES) platform—a $200 million debt facility launched in 2024 to unlock private sector solutions in West and Central Africa.

यह कहानी The Business NG के The BusinessNG संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

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Healthcare Crisis Deepens: HMO Premiums Spike 59% in One Year

Nigeria's healthcare system is undergoing major financial strain, as escalating drug prices and higher hospital operating costs force Health Maintenance Organisations (HMOs) to implement steep increases in insurance premiums—ranging from 8% to as high as 59% across different plans.

1 min

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The Business NG

PDP Crisis Deepens as Plateau, Adamawa Governors Reject Wike Expulsion

Tension within the Peoples Democratic Party (PDP) escalated over the weekend as Plateau State Governor Caleb Mutfwang and Adamawa State Governor Ahmadu Fintiri distanced themselves from the party's decision to expel key leaders, including Nyesom Wike, Minister of the Federal Capital Territory (FCT).

1 min

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The Business NG

Recapitalisation: Bank Rights Issues May Affect Dividend Payouts, Analysts Warn

The ongoing banking sector recapitalisation exercise continues to shape investor sentiment in Nigeria, with market analysts cautioning that recent equity raises could exert short-term pressure on earnings per share (EPS) across the sector.

1 min

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The Business NG

Reps Order Suspension of WAEC CBT Rollout for 2026 Exams

The House of Representatives has urged the Federal Government to halt the plan by the West African Examinations Council (WAEC) to implement Computer-Based Testing (CBT) for the 2026 West African Senior School Certificate Examination (WASSCE).

1 min

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The Business NG

FG Suspends 15% Fuel Import Duty, Assures Adequate Supply Nationwide

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced the suspension of the proposed 15% ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.

1 min

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The Business NG

Food Crisis Looms as Farmers Battle Rising Costs

Naira Strengthens to N1,441 as FX Pressures Ease

1 min

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The Business NG

Senate Bans Recruitment of Under-18 Soldiers

The Senate has taken a major step to outlaw the recruitment of persons under the age of 18 into Nigeria's military, passing the Armed Forces (Repeal and Reenactment) Bill, 2025, for second reading.

1 min

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The Business NG

Nigeria Collects N55Trn, Borrows N152Trn in Two Years, SMEs Struggle

Nigeria's fiscal policies over the past two years—from mid-2023 to mid-2025—have revealed a stark imbalance: the government has collected and borrowed massive sums but delivered little to the real economy. While billions flow into federal coffers, the country's productive sectors, particularly small and medium enterprises (SMEs), continue to struggle.

1 min

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The Business NG

NNPC to Undergo Major Shake-Up to Boost Oil Output

The Federal Government has hinted at plans to restructure the Nigerian National Petroleum Company Limited (NNPC) as part of a broader effort to reverse the country’s falling crude oil production and restore investor confidence in the upstream sector.

1 min

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The Business NG

Lottery Law Sparks Showdown Between Lagos and National Assembly

The simmering clash between the Lagos State Government and the National Assembly has taken a legal turn, as Lagos moves to commence contempt proceedings against federal lawmakers for allegedly violating a Supreme Court judgment on the control of lottery and gaming in Nigeria.

1 min

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