For Immediate Release
Press Release
LAGOS, NIGERIA - June 26, 2024. Today, the United States government, through the U.S. Agency for International Development (USAID) and leading Nigerian investment bank Chapel Hill Denham hosted a conference, “Powering Nigeria: Mobilizing Private Capital”, to encourage private investment in Nigeria’s infrastructure development. Attendees included domestic investors and private sector companies who wield over ₦20 trillion in institutional capital and investment expertise in power, renewable energy, agriculture, and water, sanitation and hygiene; all of which are essential for boosting economic growth.
With over 85 million citizens lacking access to electricity, Nigeria has the highest number of people living without electrical power in the world. This lack of access directly impacts Nigeria’s ability to achieve meaningful growth as a lack of reliable electricity limits productivity and restricts economic expansion. USAID—through the Power Africa and Prosper Africa Initiatives—and Chapel Hill Denham are tackling these challenges by mobilizing investment in Nigeria’s electricity supply industry. To date, the partnership has mobilized ₦245 billion of institutional capital into priority infrastructure projects across Nigeria, including ₦33 billion for renewable energy projects to provide reliable clean energy to low-income consumers.
Speaking at today’s conference, USAID Mission Director to Nigeria Melissa A. Jones emphasized how investing in infrastructure supports development goals, drives innovation, creates jobs, and ensures long-term profitability for businesses and investors alike. She continued, “The government, private sector, academia, and investors must work together to create an enabling environment for the power sector's growth and the adoption of renewable energy while ensuring reasonable returns and protections for private investors.”
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, commented on the conference, “We are pleased to partner with the US government to advance Prosper Africa and Power Africa Initiative goals. Investing in infrastructure is pivotal to Nigeria's development, accelerating the attainment of the sustainable development goals, enabling sustainable prosperity, and creating jobs and opportunities for Nigerians.”
Looking ahead, USAID and Chapel Hill Denham endeavor to leverage the showcased infrastructure innovations to facilitate real infrastructure transactions and attract investment into the Nigerian economy, thereby generating substantial developmental impact.
###
For more information contact the Development Outreach and Communications Team at Abujadoc@usaid.gov
ABOUT USAID: USAID leads international development and humanitarian efforts to save lives, reduce poverty, strengthen democratic governance, and help nations progress beyond assistance. In Nigeria, USAID supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy. For more information about USAID and its programs, please visit www.usaid.gov/nigeria and follow us on Facebook and Twitter @USAIDNigeria
About Chapel Hill Denham: Chapel Hill Denham has a simple and powerful model focused on investment banking and investment management. The firm is Nigeria and Africa’s leading independent investment bank and Nigeria’s leading alternative asset manager, as well as impact investment firm. Chapel Hill Denham’s business is focused on areas accretive to Nigeria and Africa’s economic development, namely Renewable Infrastructure, Real Estate, Digital and Financial Inclusion, Gender and SMEs, Healthcare, Education, Creative and Media. For more information, please visit www.chapelhilldenham.com
